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]

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]

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]

Group 1 - The core point of the article is that the fuel oil continuous main contract has increased by 4% in a single day, currently priced at 2978.00 yuan [1]

1. Report Industry Investment Rating - High - sulfur fuel oil: Neutral [3] - Low - sulfur fuel oil: Neutral [3] - Cross - variety: None [3] - Cross - period: Go long on the spread of FU2603/2605 at low prices (positive spread) [3] - Spot - futures: None [3] - Options: None [3] 2. Core View of the Report - The energy sector's recent fluctuations are significantly affected by the Iran situation. The news of Iran - US negotiations at the beginning of the week led to a sharp decline in oil prices, and the shooting down of an Iranian drone by the US military has reignited market concerns, causing the geopolitical premium of crude oil to rebound. The India - US agreement will reduce the consumption capacity of Russian oil by 1 million barrels per day and increase the purchase of compliant oil, which will tighten the non - sanctioned oil market and support international oil prices. The rebound in crude oil prices has driven up the FU and LU futures prices. However, the Iran situation remains uncertain, and the upcoming negotiation on February 6 may cause market fluctuations [1]. - From the perspective of the fundamentals of the products themselves, the fundamentals of high - sulfur fuel oil are currently strong, with a marginal tightening of the spot market in the Asia - Pacific region and a relatively firm market structure. High - sulfur fuel oil has a large risk exposure to the Iran situation. There is an expected increase in demand for high - sulfur fuel oil as domestic asphalt refineries may use Iranian crude oil and fuel oil as alternative raw materials. The fundamentals of low - sulfur fuel oil have no obvious contradictions, and it mainly follows the fluctuations of the crude oil market [2]. 3. Summary by Relevant Catalog Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 3.98% at 2,797 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 3.39% at 3,268 yuan/ton [1]. - The energy sector's fluctuations are affected by the Iran situation. The news of negotiations led to a decline in oil prices, and the shooting down of the drone reignited concerns, causing the geopolitical premium to rebound. The India - US agreement will reduce Russian oil consumption and support international oil prices. The Iran - US negotiation on February 6 may cause market fluctuations [1]. Product Fundamentals - High - sulfur fuel oil has strong fundamentals, with a marginal tightening of the Asia - Pacific spot market. It has a large risk exposure to the Iran situation, and there is an expected increase in demand as it may be used as an alternative raw material by domestic asphalt refineries [2]. - Low - sulfur fuel oil has no obvious fundamental contradictions and mainly follows the crude oil market [2]. Strategy - High - sulfur fuel oil: Neutral, pay attention to the development of the Iran situation [3]. - Low - sulfur fuel oil: Neutral, pay attention to the development of the Iran situation [3]. - Cross - variety: None [3]. - Cross - period: Go long on the spread of FU2603/2605 at low prices (positive spread) [3]. - Spot - futures: None [3]. - Options: None [3].

Group 1: Report Industry Investment Rating - High-sulfur fuel oil: Neutral, short-term wait-and-see; focus on the progress of US-Iran negotiations [2] - Low-sulfur fuel oil: Neutral, short-term wait-and-see; focus on the progress of US-Iran negotiations [2] - Cross-variety: None [2] - Cross-period: Pay attention to the opportunity to go long the spread between FU2603 and FU2605 at low prices (positive spread) [2] - Spot-futures: None [2] - Options: None [2] Group 2: Core Viewpoints - The geopolitical situation has marginally eased, and the market is waiting for the results of the US-Iran negotiations. Before a relatively clear result or signal is reached, the market may be repeatedly disturbed by news, and caution is needed due to the approaching Spring Festival [1] - The high-sulfur fuel oil market shows a pattern of "strong in the East and weak in the West". The spot market in the Asia-Pacific region has tightened marginally, Singapore's inventory has declined continuously, and the domestic registered warehouse receipts have decreased. Excluding macro and geopolitical disturbances, the market structure has short-term support [1] - The overall market contradiction of low-sulfur fuel oil is limited. Recently, the exports of Kuwait and Nigeria have rebounded, and the decline in RFCC unit maintenance has digested some low-sulfur oil components [1] Group 3: Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 3.81% at 2,701 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 2.28% at 3,168 yuan/ton [1] - Due to the planned negotiations between Iran and the US on February 6, the geopolitical situation has marginally eased, and crude oil prices have significantly corrected this week, driving down the prices of energy and chemical products including fuel oil. Since Iran is a major producer of high-sulfur fuel oil, FU is more sensitive to geopolitical reactions than LU [1] Group 4: Strategy - High-sulfur fuel oil: Neutral, short-term wait-and-see; focus on the progress of US-Iran negotiations [2] - Low-sulfur fuel oil: Neutral, short-term wait-and-see; focus on the progress of US-Iran negotiations [2] - Cross-variety: None [2] - Cross-period: Pay attention to the opportunity to go long the spread between FU2603 and FU2605 at low prices (positive spread) [2] - Spot-futures: None [2] - Options: None [2]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The domestic high - sulfur fuel oil imports are showing an increasing trend. The high - sulfur fuel oil market structure has marginally improved recently, with spot discounts, monthly spreads, and crack spreads strengthening significantly, and downstream demand performing relatively well. The low - sulfur fuel oil market currently has limited contradictions and mainly follows the passive increase of the crude oil end, with the crack spread oscillating strongly recently. The remaining capacity is large, and the contradiction of the substitution of the demand share at the ship - fuel end still exists, which will be a continuous upward resistance. However, the high premium of gasoline and diesel will continue to divert low - sulfur oil components, providing a certain support for the valuation [1][2] - In the short term, both high - sulfur and low - sulfur fuel oils are expected to be oscillating strongly. Attention should be paid to the development of the Iranian situation. For cross - period trading, pay attention to the opportunity of going long the spread between FU2603 and FU2605 (positive spread) at low prices [3] Group 3: Market Analysis - The main contract of the Shanghai Futures Exchange fuel oil futures closed up 2.23% at 2751 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 2.31% at 3232 yuan/ton. The cold wave in the United States has caused a decline in oil production, and the resumption of production at the Tengiz oil field in Kazakhstan is slow, resulting in a phased positive on the supply side. The oil price rose again yesterday, boosting the energy sector. The Iranian situation remains unclear, and the market may be repeatedly disturbed by news in the short term [1] - In terms of the fundamentals of fuel oil itself, the market structure of high - sulfur oil has improved marginally recently. After the United States gradually controls Venezuelan oil resources, domestic asphalt refineries need to find alternative raw materials, and fuel oil is one of the options. According to shipping schedule data, the estimated arrivals of high - sulfur fuel oil in January and February in China are 980,000 tons and 1.06 million tons respectively, significantly higher than the 830,000 tons in December. In addition, the supply from Russia and Iran faces potential threats from geopolitical conflicts, which poses an upward risk to the fuel oil market. However, if the Iranian situation eases, FU does not have the momentum to continue to strengthen [1] - For low - sulfur fuel oil, the current market contradictions are limited, mainly following the passive increase of the crude oil end. With the dynamic changes of the Dangote and Azur refinery plants, the supply in Nigeria and Kuwait has increased significantly. In addition, after the widening of the east - west spread, the volume of arbitrage cargoes in February may increase, and the local market pressure may increase. Looking forward, the contradictions of large remaining capacity and the substitution of the demand share at the ship - fuel end still exist, which will be a continuous upward resistance. But based on the current valuation level, the high premium of gasoline and diesel will continue to divert low - sulfur oil components, providing a certain support for the valuation [2] Group 4: Strategy - High - sulfur: Oscillating strongly in the short term, pay attention to the development of the Iranian situation [3] - Low - sulfur: Oscillating strongly in the short term, pay attention to the development of the Iranian situation [3] - Cross - variety: No strategy [3] - Cross - period: Pay attention to the opportunity of going long the spread between FU2603 and FU2605 (positive spread) at low prices [3] - Spot - futures: No strategy [3] - Options: No strategy [3]

Core Viewpoint - Fuel oil futures continue to show weakness, with the main contract reported at 2674.00 CNY/ton, a decline of 2.23% [1] Group 1: Market Activity - In the Singapore spot market on January 26, there was one transaction for high-sulfur fuel oil 380, while there were no transactions for high-sulfur fuel oil 180 and low-sulfur fuel oil [2] - As of January, Russian fuel oil exports to Asia are approximately 1.2 million tons (about 246,000 barrels per day), expected to decline for the third consecutive month [2] Group 2: Refinery Operations - The utilization rate of main refinery vacuum distillation capacity was 78.78% for the week of January 16-22, an increase of 1.54% week-on-week and 2.66% year-on-year [2] - Independent refineries in China have a vacuum distillation capacity utilization rate of 60.75%, down 0.27 percentage points from the previous week [2] Group 3: Institutional Insights - Nanhua Futures notes that geopolitical influences from Iran and tightened U.S. sanctions have led to low high-sulfur exports from Iran, while exports from Venezuela, Iraq, and Russia have significantly recovered, easing supply tightness [3] - Demand for high-sulfur fuel oil is primarily directed towards the bunkering market, with the overall high-sulfur market fundamentals remaining weak [3] - Ruida Futures indicates that the fuel oil market is experiencing an increase in supply and a decrease in demand, with price volatility expected to be significant due to fluctuations in crude oil prices and geopolitical tensions [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Fuel oil is still strong in the short term, and its volatility continues to increase [1] - Low - sulfur fuel oil mainly follows the upward trend, and the price spread between high - sulfur and low - sulfur fuels in the overseas spot market continues to shrink [1] 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: - For FU2602 (price in yuan/ton), the closing price is 2,540 - 2,542 with a daily increase of 0.40%, and the settlement price is 2,545 with an increase of 0.67% - 0.87%. The trading volume is 2,319 hands with a change of - 4,286 hands, and the open interest is 3,459 hands with a change of - 1,023 hands [1] - For FU2603 (price in yuan/ton), the daily increase is 0.67%, and the settlement price is 2,544. The trading volume is 493,603 hands with a change of 158,425 hands, and the open interest is 191,653 hands with a change of - 8,180 hands [1] - For LU2602 (price in yuan/ton), the closing price is 3,063 with a daily increase of 0.03%, and the settlement price is 3,073 with an increase of 0.07%. The trading volume is 117 hands with a change of - 238 hands, and the open interest is 3,443 hands with a change of - 64 hands [1] - For LU2603 (price in yuan/ton), the closing price is 3,090 with a daily increase of 0.07%, and the settlement price is 3,084 with an increase of 0.19%. The trading volume is 61,555 hands with a change of 7,700 hands, and the open interest is 63,307 hands with a change of - 2,411 hands [1] - The total market warehouse receipts for fuel oil (FU) are 74,550 hands with no change, and for low - sulfur fuel oil (LU) are 13,000 hands with no change [1] - **Spot Price Data**: - In Singapore FOB (price in dollars/ton), the high - sulfur (3.5%S) price on January 21, 2026 is 362.8 with a daily increase of 1.94%, and the low - sulfur (0.5%S) price is 428.7 with a daily increase of 0.63% [1] - In Singapore Bunker (price in dollars/ton), the high - sulfur price on January 21, 2026 is 380.0 with a daily increase of 1.88%, and the low - sulfur price is 444.0 with a daily increase of 0.68% [1] - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, the high - sulfur and low - sulfur prices also show different daily increases [1] - **Spread Data**: - For FU02 - 03 (price in yuan/ton), the spread is - 2, and the settlement spread has a difference of 3 compared to it [1] - For LU02 - 03 (price in yuan/ton), the spread is - 27, and the settlement spread is - 11 with a spread difference of 16 [1] - For LU02 - FU02 (price in yuan/ton), the spread is 523, and the settlement spread is 528 with a difference of 5 [1] - For other spreads like FU2602 - Singapore MOPS (3.5%S), LU2602 - Singapore MOPS (0.5%S), and Singapore MOPS (0.5%S - 3.5%S), there are also corresponding spread values and changes [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 1, and that of low - sulfur fuel oil is also 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]

Group 1: Investment Ratings - High - sulfur fuel oil: Short - term neutral, slightly bearish [3] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] Group 2: Core Views - The market of high - sulfur fuel oil in the US Gulf has weakened, and the price spread between high - and low - sulfur fuel oils has rebounded. The main contract of SHFE fuel oil futures closed down 1.32% at 2,461 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.93% at 3,026 yuan/ton [1] - With the escalating situation in Iran, the short - term oil price trend is volatile and bullish, but it is greatly affected by news, and the market may fluctuate repeatedly. The fundamentals of fuel oil have both long and short factors, with limited overall contradictions [2] - The large inflow of heavy oil from Venezuela to the US has increased the production of high - sulfur fuel oil in US Gulf refineries, leading to a significant decline in crack spreads, a wider price spread between the East and West regions of fuel oil, and potential growth in cargo inflows. The Singapore and domestic markets may face potential resistance. After the decline in crack spreads, refinery demand is expected to be boosted, providing support to the market. If the conflict in the Iranian region escalates, high - sulfur fuel oil supply may face a downward risk [2] - For low - sulfur fuel oil, the overall contradictions are currently limited. With the changes in the refinery operations in Nigeria and Kuwait, local supply may increase, and market pressure may rise. In the long run, the contradictions of large surplus capacity and the replacement of the ship - fuel demand share will continue to be a resistance factor, but the high premium of gasoline and diesel will continue to divert low - sulfur oil components, providing some support to the market [2] Group 3: Figures and Data - Figures related to Singapore fuel oil: Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, Singapore low - sulfur fuel oil swap near - month contract, Singapore high - sulfur fuel oil near - month spread, Singapore low - sulfur fuel oil near - month spread [4] - Figures related to fuel oil FU futures: Main contract closing price, index closing price, near - month contract closing price, near - month contract spread, main contract trading volume and open interest, total trading volume and open interest [4] - Figures related to low - sulfur fuel oil LU futures: Main contract closing price, index closing price, near - month contract price, near - month spread, main contract trading volume and open interest, total trading volume and open interest [4]