燃料油：短期仍然偏强，波动继续放大，低硫燃料油：跟涨走势为主，外盘现货高低硫

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Fuel oil is still strong in the short term, and its volatility continues to increase [1] - Low - sulfur fuel oil mainly follows the upward trend, and the price spread between high - sulfur and low - sulfur fuels in the overseas spot market continues to shrink [1] 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - Futures Data: - For FU2602 (price in yuan/ton), the closing price is 2,540 - 2,542 with a daily increase of 0.40%, and the settlement price is 2,545 with an increase of 0.67% - 0.87%. The trading volume is 2,319 hands with a change of - 4,286 hands, and the open interest is 3,459 hands with a change of - 1,023 hands [1] - For FU2603 (price in yuan/ton), the daily increase is 0.67%, and the settlement price is 2,544. The trading volume is 493,603 hands with a change of 158,425 hands, and the open interest is 191,653 hands with a change of - 8,180 hands [1] - For LU2602 (price in yuan/ton), the closing price is 3,063 with a daily increase of 0.03%, and the settlement price is 3,073 with an increase of 0.07%. The trading volume is 117 hands with a change of - 238 hands, and the open interest is 3,443 hands with a change of - 64 hands [1] - For LU2603 (price in yuan/ton), the closing price is 3,090 with a daily increase of 0.07%, and the settlement price is 3,084 with an increase of 0.19%. The trading volume is 61,555 hands with a change of 7,700 hands, and the open interest is 63,307 hands with a change of - 2,411 hands [1] - The total market warehouse receipts for fuel oil (FU) are 74,550 hands with no change, and for low - sulfur fuel oil (LU) are 13,000 hands with no change [1] - Spot Price Data: - In Singapore FOB (price in dollars/ton), the high - sulfur (3.5%S) price on January 21, 2026 is 362.8 with a daily increase of 1.94%, and the low - sulfur (0.5%S) price is 428.7 with a daily increase of 0.63% [1] - In Singapore Bunker (price in dollars/ton), the high - sulfur price on January 21, 2026 is 380.0 with a daily increase of 1.88%, and the low - sulfur price is 444.0 with a daily increase of 0.68% [1] - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, the high - sulfur and low - sulfur prices also show different daily increases [1] - Spread Data: - For FU02 - 03 (price in yuan/ton), the spread is - 2, and the settlement spread has a difference of 3 compared to it [1] - For LU02 - 03 (price in yuan/ton), the spread is - 27, and the settlement spread is - 11 with a spread difference of 16 [1] - For LU02 - FU02 (price in yuan/ton), the spread is 523, and the settlement spread is 528 with a difference of 5 [1] - For other spreads like FU2602 - Singapore MOPS (3.5%S), LU2602 - Singapore MOPS (0.5%S), and Singapore MOPS (0.5%S - 3.5%S), there are also corresponding spread values and changes [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 1, and that of low - sulfur fuel oil is also 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]