低硫燃料油：短期弱势延续，外盘现货高低硫价差继续下跌：燃料油：维持回调，短线波动继续放大

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The fuel oil maintains a downward trend, and short - term fluctuations continue to amplify. The short - term weakness of low - sulfur fuel oil persists, and the spot price spread between high - and low - sulfur fuel oil in the overseas market continues to decline. [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes - FU2605 closed at 4,348 yuan/ton, down 5.27%, and its settlement price was 4,401 yuan/ton, down 5.31%. - FU2606 closed at 4,256 yuan/ton, down 5.31%, and its settlement price was 4,298 yuan/ton, down 4.89%. - LU2605 closed at 5,159 yuan/ton, down 2.68%, and its settlement price was 5,135 yuan/ton, down 4.34%. - LU2606 closed at 6,170 yuan/ton, down 4.34%, and its settlement price was 6,097 yuan/ton, up 9.15%. [1] - Trading Volume and Open Interest Changes - FU2605 had a trading volume of 835,198 lots, a decrease of 67,054 lots, and an open interest of 233,157 lots, a decrease of 14,928 lots. - FU2606 had a trading volume of 97,851 lots, an increase of 2,344 lots, and an open interest of 55,052 lots, a decrease of 3,859 lots. - LU2605 had a trading volume of 112,038 lots, a decrease of 21,850 lots, and an open interest of 55,828 lots, a decrease of 5,004 lots. - LU2606 had a trading volume of 4,919 lots, a decrease of 3,396 lots, and an open interest of 9,117 lots, a decrease of 1,836 lots. [1] - Warehouse Receipt Changes - The total market warehouse receipts of fuel oil (FU) were 69,040 lots with no change, and those of low - sulfur fuel oil (LU) were 55,170 lots, an increase of 19,620 lots. [1] - Spot Prices and Changes - For high - sulfur (3.5%S) fuel oil, Singapore FOB price was 634.7 dollars/ton, down 7.34%; Singapore Bunker price was 640.0 dollars/ton, down 7.51%; High Chayla Bunker price was 680.0 dollars/ton, down 10.53%; Zhoushan Bunker price was 695.0 dollars/ton, down 6.71%; Shanghai Bunker price was 697.0 dollars/ton, down 6.69%; Tokyo Bunker price was 840.0 dollars/ton, down 5.62%; South Korea Bunker price was 870.0 dollars/ton, down 7.45%. - For low - sulfur (0.5%S) fuel oil, Singapore FOB price was 793.8 dollars/ton, down 6.97%; Singapore Bunker price was 805.0 dollars/ton, down 7.04%; High Chayla Bunker price was 850.0 dollars/ton, down 10.53%; Zhoushan Bunker price was 820.0 dollars/ton, down 6.82%; Shanghai Bunker price was 820.0 dollars/ton, down 6.82%; Tokyo Bunker price was 880.0 dollars/ton, down 4.86%; South Korea Bunker price was 950.0 dollars/ton, down 9.52%. [1] - Price Spread Information - The FU05 - 06 spread was 92 yuan/ton, the settlement spread was 103 yuan/ton, and the spread difference was 11 yuan/ton. - The LU05 - 06 spread was - 1,011 yuan/ton, the settlement spread was - 962 yuan/ton, and the spread difference was 49 yuan/ton. - The LU05 - FU05 spread was 811 yuan/ton, the settlement spread was 734 yuan/ton, and the spread difference was - 77 yuan/ton. - The spread between FU2605 and Singapore MOPS (3.5%S) was - 30.2 yuan/ton, a change of 104.9 yuan/ton compared with the previous day. - The spread between LU2605 and Singapore MOPS (0.5%S) was - 316.5 yuan/ton, a change of 268.2 yuan/ton compared with the previous day. - The spread between Singapore MOPS (0.5%S - 3.5%S) was 159.1 dollars/ton, a decrease of 9.2 dollars/ton compared with the previous day. [1] 3.2 Trend Intensity - The trend intensity of fuel oil is - 1, and the trend intensity of low - sulfur fuel oil is also - 1. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish view and 2 indicates the most bullish view. [1]