低硫燃料油：窄幅调整，外盘现货高低硫价差仍处历史低位：燃料油：持续回弹，短期弱势暂缓

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Fuel oil shows a continuous rebound, and the short - term weakness has暂缓. Low - sulfur fuel oil has a narrow - range adjustment, and the price difference between high - and low - sulfur in the overseas spot market remains at a historical low [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - For FU2603, the closing price is 2,824 yuan/ton with a daily increase of 0.97%, and the settlement price is 2,815 yuan/ton with a 1.40% increase. The trading volume is 545,609 lots with a decrease of 44,176 lots, and the open interest is 84,406 lots with a decrease of 13,781 lots. - For FU2604, the closing price is 2,817 yuan/ton with a 1.40% increase, and the settlement price is 2,804 yuan/ton with a 1.23% increase. The trading volume is 26,763 lots with a decrease of 11,478 lots, and the open interest is 22,058 lots with a decrease of 709 lots. - For LU2603, the closing price is 3,299 yuan/ton with a 0.70% increase, and the settlement price is 3,293 yuan/ton with a 1.26% increase. The trading volume is 4,646 lots with a decrease of 2,578 lots, and the open interest is 14,539 lots with a decrease of 720 lots. - For LU2604, the closing price is 3,285 yuan/ton with a 1.26% increase, and the settlement price is 3,283 yuan/ton with a 1.14% increase. The trading volume is 91,440 lots with a decrease of 15,961 lots, and the open interest is 80,624 lots with a decrease of 1,300 lots [1] - Warehouse Receipts: The total market warehouse receipts for fuel oil (FU) are 9,930 lots, and for low - sulfur fuel oil (LU) are 23,140 lots [1] - Spot Prices: - In Singapore FOB, the high - sulfur (3.5%S) price is 425.0 dollars/ton with a 1.93% daily increase, and the low - sulfur (0.5%S) price is 461.2 dollars/ton with a 1.55% daily increase. - In Singapore Bunker, the high - sulfur price is 432.0 dollars/ton with a 1.17% daily increase, and the low - sulfur price is 490.0 dollars/ton with a 1.66% daily increase. - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there are also corresponding price increases for both high - and low - sulfur fuel oils [1] - Price Spreads: - The spread between FU03 - 04 is 7 yuan/ton, and the settlement spread is 11 yuan/ton. - The spread between LU03 - 04 is 14 yuan/ton, and the settlement spread is 10 yuan/ton, with a spread difference of - 4 yuan/ton. - The spread between LU03 - FU03 is 475 yuan/ton, and the settlement spread is 478 yuan/ton, with a spread difference of 3 yuan/ton. - The spread between FU2603 and Singapore MOPS (3.5%S) is - 126.0 yuan/ton, with a change of - 28.9 yuan/ton compared to the previous day. - The spread between LU2603 and Singapore MOPS (0.5%S) is 98.2 yuan/ton, with a change of - 25.9 yuan/ton compared to the previous day. - The spread between Singapore MOPS (0.5%S - 3.5%S) is 36.1 dollars/ton, with a change of - 1.0 dollars/ton compared to the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and that of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]