低硫燃料油：夜盘持续回调，外盘现货高低硫价差继续上涨：燃料油：维持下跌，短期或转入弱势

Report Summary 1. Report's Industry Investment Rating - Fuel Oil: Maintained a downward trend, may turn weak in the short term [1] - Low - Sulfur Fuel Oil: Night session continued to correct, the price spread between high - sulfur and low - sulfur in the overseas spot market continued to rise [1] 2. Core View - The report provides a detailed analysis of the fuel oil and low - sulfur fuel oil markets including price changes, trading volumes, positions, and price spreads, indicating the current market trends and potential investment opportunities [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: FU2604 closed at CNY 4,343/ton with a daily decline of 1.72%, and its settlement price dropped 6.81%. FU2605 closed at CNY 4,318/ton with a 6.81% decline, and its settlement price fell 6.12%. LU2604 closed at CNY 5,061/ton with a 3.39% increase, and its settlement price decreased 4.03%. LU2605 closed at CNY 5,050/ton with a 4.03% decline in settlement price [1] - Trading Volume and Position: For FU2604, the trading volume was 28,913 lots with a decrease of 42,216 lots, and the position was 12,587 lots with a decrease of 1,087 lots. For LU2605, the trading volume was 4,919 lots with a decrease of 3,396 lots, and the position was 9,117 lots with a decrease of 1,836 lots [1] - Spot Prices: In Singapore FOB, high - sulfur fuel oil (3.5%S) was at USD 669.5/ton with a 1.73% decline, and low - sulfur fuel oil (0.5%S) was at USD 842.0/ton with a 0.72% increase. In other regions, prices also showed different degrees of changes [1] - Price Spreads: The spread of FU04 - 05 was CNY 25/ton with no change. The spread of LU04 - 05 decreased from CNY 2/ton to CNY 11/ton, a change of - CNY 9/ton. The spread of LU04 - FU04 decreased by CNY 79/ton [1] Trend Intensity - The trend intensity of fuel oil is - 1, and that of low - sulfur fuel oil is also - 1, indicating a bearish view [1]