燃料油：涨势暂歇，下方存在支撑，低硫燃料油，窄幅震荡，外盘现货高低硫价差

Report Summary Core View - The upward trend of fuel oil has temporarily paused, with support at lower levels. Low-sulfur fuel oil is in a narrow range, and the spot price spread between high and low sulfur in the overseas market is temporarily stable [1]. Industry Investment Rating - Not provided in the report. Key Points from the Report 1. Fundamental Tracking - Futures Prices and Changes: - FU2602 closed at 2,426 yuan/ton, down 0.82% from the previous day, with a settlement price of 2,454 yuan/ton, up 0.29%. - EU2603 closed at 2,427 yuan/ton, up 0.29%, with a settlement price of 2,461 yuan/ton, up 0.20%. - LU2602 closed at 2,879 yuan/ton, down 1.34%, with a settlement price of 2,907 yuan/ton, down 0.89%. - FU2603 closed at 2,891 yuan/ton, down 0.89%, with a settlement price of 2,917 yuan/ton, down 1.32% [1]. - Trading Volume and Open Interest Changes: - Trading volume of FU2602 was 14,578, an increase of 4,408; open interest was 18,140, a decrease of 2,464. - Trading volume of EU2603 was 537,583, a decrease of 54,477; open interest was 193,088, an increase of 24,300. - Trading volume of LU2602 was 4,187, a decrease of 6,397; open interest was 11,523, a decrease of 1,767. - Trading volume of LU2603 was 77,556, a decrease of 35,187; open interest was 86,874, an increase of 6,393 [1]. - Warehouse Receipts Changes: - Total market warehouse receipts of fuel oil (FU) decreased by 10,000 to 191,390; warehouse receipts of low-sulfur fuel oil (LU) remained unchanged at 55,230 [1]. - Spot Prices and Changes: - Singapore FOB prices: High-sulfur (3.5%S) was $332.9/ton, down 1.38%; low-sulfur (0.5%S) was $403.4/ton, down 1.33%. - Singapore Bunker prices: High-sulfur was $346.0/ton, down 1.42%; low-sulfur was $415.0/ton, down 1.89%. - Other regional bunker prices also showed various changes, with South Korea's low-sulfur bunker price up 2.82% [1]. - Price Spreads: - The spread of FU02 - 03 was -1 yuan/ton, the spread of LU02 - 03 was -12 yuan/ton, and the spread of LU02 - FU02 was 453 yuan/ton. - The spread between FU2602 and Singapore MOPS (3.5%S) was 102.4 yuan/ton, an increase of 12.6 yuan/ton from the previous day; the spread between LU2602 and Singapore MOPS (0.5%S) was 63.3 yuan/ton, a decrease of 1.2 yuan/ton; the spread between Singapore MOPS (0.5%S - 3.5%S) was $70.5/ton, a decrease of $0.8/ton [1]. 2. Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low-sulfur fuel oil is also 0, indicating a neutral outlook [1].