低硫燃料油：价格仍处高位，外盘现货高低硫价差延续回调：燃料油：夜盘继续回弹，短线或仍然偏强

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Fuel oil rebounded in the night session and may remain strong in the short term [1] - Low-sulfur fuel oil prices are still high, and the price spread between high and low sulfur in the overseas spot market continues to decline [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - FU2605 closed at 4,464 yuan/ton, up 1.62% from the previous day, and the settlement price was 4,439 yuan/ton, up 2.14% [1] - FU2606 closed at 4,412 yuan/ton, up 2.14%, and the settlement price was 4,376 yuan/ton, up 2.72% [1] - LU2605 closed at 5,157 yuan/ton, up 1.80%, and the settlement price was 5,109 yuan/ton, up 1.83% [1] - LU2606 closed at 6,170 yuan/ton, up 1.83%, and the settlement price was 6,097 yuan/ton, up 9.15% [1] - Trading Volume and Open Interest: - The trading volume of FU2605 was 525,750 lots, a decrease of 65,133 lots, and the open interest was 207,619 lots, a decrease of 8,775 lots [1] - The trading volume of FU2606 was 71,318 lots, an increase of 9,920 lots, and the open interest was 48,477 lots, a decrease of 4,393 lots [1] - The trading volume of LU2605 was 92,116 lots, an increase of 369 lots, and the open interest was 49,649 lots, a decrease of 7,245 lots [1] - The trading volume of LU2606 was 4,919 lots, a decrease of 3,396 lots, and the open interest was 9,117 lots, a decrease of 1,836 lots [1] - Warehouse Receipts: - The total warehouse receipts of fuel oil in the market were 69,040 tons, and the warehouse receipts of low-sulfur fuel oil were 51,960 tons with no change [1] - Spot Prices: - In Singapore FOB, the high-sulfur (3.5%S) price was 712.4 dollars/ton, up 8.46% from the previous day, and the low-sulfur (0.5%S) price was 846.2 dollars/ton, up 4.97% [1] - In Singapore Bunker, the high-sulfur price was 720.0 dollars/ton, up 8.93%, and the low-sulfur price was 855.0 dollars/ton, up 5.30% [1] - In Fujeirah Bunker, the high-sulfur price was 720.0 dollars/ton, up 5.11%, and the low-sulfur price was 875.0 dollars/ton, up 2.94% [1] - In Zhoushan Bunker, the high-sulfur price was 743.0 dollars/ton, up 5.69%, and the low-sulfur price was 860.0 dollars/ton, up 1.78% [1] - In Shanghai Bunker, the high-sulfur price was 745.0 dollars/ton, up 5.67%, and the low-sulfur price was 860.0 dollars/ton, up 1.78% [1] - In Tokyo Bunker, the high-sulfur price was 870.0 dollars/ton, up 1.75%, and the low-sulfur price was 910.0 dollars/ton, up 1.11% [1] - In South Korea Bunker, the high-sulfur price was 890.0 dollars/ton, up 1.71%, and the low-sulfur price was 980.0 dollars/ton with no change [1] - Price Spreads: - The spread of FU05 - 06 was 52 yuan/ton, and the settlement spread was 63 yuan/ton, with a difference of 11 yuan/ton [1] - The spread of LU05 - 06 was -1,013 yuan/ton, and the settlement spread was -988 yuan/ton, with a difference of 25 yuan/ton [1] - The spread of LU05 - FU05 was 693 yuan/ton, and the settlement spread was 670 yuan/ton, with a difference of -23 yuan/ton [1] - The spread of FU2605 - Singapore MOPS (3.5%S) was -459.2 yuan/ton, a decrease of 313.1 yuan/ton from the previous day [1] - The spread of LU2605 - Singapore MOPS (0.5%S) was -690.9 yuan/ton, a decrease of 186.0 yuan/ton from the previous day [1] - The spread of Singapore MOPS (0.5%S - 3.5%S) was 133.8 dollars/ton, a decrease of 15.5 dollars/ton from the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low-sulfur fuel oil is 0. The range of trend intensity is [-2, 2], with -2 indicating the most bearish and 2 indicating the most bullish [1]