低硫燃料油：日盘触及涨停，外盘现货高低硫价差边际下跌：燃料油：维持反弹，短期仍处高波动环境

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Fuel oil maintains a rebound and remains in a high - volatility environment in the short term; low - sulfur fuel oil hits the daily limit during the day session, and the spot high - low sulfur spread in the overseas market declines marginally [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking 3.1.1 Futures Data - Prices: FU2604 price is 4,791 yuan/ton with a daily increase of 10.32%, and the settlement price is 4,846 yuan/ton with a 13.07% increase; FU2605 price is 4,653 yuan/ton with a 13.07% increase, and the settlement price is 4,680 yuan/ton with a 9.83% increase; LU2604 price is 5,597 yuan/ton with a 10.59% increase, and the settlement price is 5,545 yuan/ton with a 12.59% increase; LU2605 price is 5,653 yuan/ton with a 12.59% increase, and the settlement price is 5,578 yuan/ton with a 13.30% increase [1] - Trading Volume and Open Interest: The trading volume of FU2604 is 74,917 lots with an increase of 46,004 lots, and the open interest is 12,687 lots with an increase of 100 lots; the trading volume of FU2605 is 2,895 lots with a decrease of 738 lots, and the open interest is 5,207 lots with a decrease of 326 lots; the trading volume of LU2604 is 0 lots, and the open interest is 0 lots; the trading volume of LU2605 is 4,919 lots with a decrease of 3,396 lots, and the open interest is 9,117 lots with a decrease of 1,836 lots [1] - Warehouse Receipts: The total market warehouse receipts of fuel oil (FU) are 29,340 lots with no change, and those of low - sulfur fuel oil (LU) are 25,620 lots with a decrease of 1,100 lots [1] 3.1.2 Spot Prices - High - Sulfur (3.5%S): Singapore FOB price is 778.5 dollars/ton with a 16.29% increase; Singapore Bunker price is 970.0 dollars/ton with an 8.99% increase; Fujeirah Bunker price is 894.0 dollars/ton with a 13.89% increase; Zhoushan Bunker price is 925.0 dollars/ton with a 12.80% increase; Shanghai Bunker price is 927.0 dollars/ton with a 12.77% increase; Tokyo Bunker price is 900.0 dollars/ton with a 25.00% increase; South Korea Bunker price is 1,200.0 dollars/ton with a 14.29% increase [1] - Low - Sulfur (0.5%S): Singapore FOB price is 932.5 dollars/ton with a 10.76% increase; Singapore Bunker price is 1,138.0 dollars/ton with an 8.38% increase; Fujeirah Bunker price is 1,126.0 dollars/ton with an 8.79% increase; Zhoushan Bunker price is 1,125.0 dollars/ton with a 5.14% increase; Shanghai Bunker price is 1,125.0 dollars/ton with a 5.14% increase; Tokyo Bunker price is 1,012.0 dollars/ton with a 16.06% increase; South Korea Bunker price is 1,498.8 dollars/ton with a 6.29% increase [1] 3.1.3 Price Spreads - Futures Contract Spreads: FU04 - 05 spread is 138 yuan/ton, the settlement spread is 166 yuan/ton, and the spread difference is 28 yuan/ton; LU04 - 05 spread is - 56 yuan/ton, the settlement spread is - 33 yuan/ton, and the spread difference is 23 yuan/ton; LU04 - FU04 spread is 806 yuan/ton, the settlement spread is 913 yuan/ton, and the spread difference is - 107 yuan/ton [1] - Other Spreads: FU2604 - Singapore MOPS (3.5%S) spread is - 561.3 yuan/ton, with a change of - 301.7 yuan/ton compared to the previous day; LU2604 - Singapore MOPS (0.5%S) spread is - 814.3 yuan/ton, with a change of - 86.7 yuan/ton compared to the previous day; Singapore MOPS (0.5%S - 3.5%S) spread is 154.0 dollars/ton, with a change of - 18.5 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, with - 2 being the most bearish and 2 being the most bullish [1]