燃料油基准价为美元吨，与本月初相比下降了

Group 1: Report Overview - Research variety: Fuel oil [1] - Report date: December 29, 2025 - Report cycle: Weekly report - Researcher: He Ning (Qualification number: F0238922; Investment consulting certificate number: Z0001219) [1] Group 2: Core View - This week, fuel oil contracts rebounded from a low level following crude oil, showing a volatile upward trend [2]. - Supported by the emotional premium brought about by the escalation of the geopolitical situation, the price gradually recovered from the low level at the beginning of the week. However, the medium - term supply - demand imbalance expectation suppressed the increase, and the price fluctuation range narrowed compared with the previous period [2]. Group 3: Futures Market 3.1 Contract Market Conditions - The main fuel oil contract FU2603 closed at 2,491 yuan/ton, up 101 yuan/ton or 4.23% from the previous trading week's settlement price [3]. - The highest price this week was 2,534 yuan/ton, and the lowest was 2,401 yuan/ton [3]. - The trading volume was 2,971,069 lots, and the open interest was 198,195 lots, a decrease of 103,569 lots [3]. 3.2 Variety Prices - The price spreads of fuel oil futures contracts further narrowed [6]. - Details of each contract's weekly opening price, highest price, lowest price, closing price, change, open interest, open interest change, weekend settlement price, trading volume, and trading amount are provided in the table [6]. Group 4: Spot Market 4.1 Basis Data - The fuel oil spot market performed poorly this week, and the current basis level was in the lower range of recent months [8]. - The fuel oil price is closely linked to crude oil, and the low - level consolidation of crude oil further restricted the upward elasticity of the basis [8]. 4.2 Benchmark Price - The fuel oil benchmark price in yuan/ton was flat compared with the beginning of the month. The fuel oil benchmark price in US dollars/ton decreased compared with the beginning of the month [13].