Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - side advantage of fuel oil has increased, and it is expected that the resistance for the continued rebound of the fuel oil futures contract will increase in the future [2][7] 3. Summary by Related Content Market Performance of Fuel Oil Futures 2603 Contract - Yesterday, the main 2603 contract of fuel oil futures showed a trend of shrinking volume, reducing positions, stabilizing in a volatile manner, and slightly closing lower. The intraday price center remained at around 2,480 yuan/ton, with the highest reaching 2,489 yuan/ton and the lowest dropping to 2,459 yuan/ton. The closing price slightly decreased by 0.08%. The positions decreased slightly by 1,744 lots to 237,224 lots, a decline of 0.73% [2] Changes in Long and Short Positions - The data of the top 20 seats in the long - short position ranking list of the exchange shows that the positions of the fuel oil futures 2603 contract showed a trend of long positions decreasing and short positions increasing. Among them, the long positions decreased by 2,265 lots to 158,948 lots; the short positions increased by 150 lots to 166,161 lots, resulting in a slight increase in the net short position to 7,213 lots [2] Changes in Long Positions of the Top 20 Seats - Among the top 20 long - side seats of the fuel oil futures 2603 contract, 9 seats reduced long positions. Among them, 5 seats reduced more than 1,000 lots, namely Guotai Junan Futures, Orient Futures, China Merchants Futures, Western Futures and Guolian Futures, with significant reductions of 3,521 lots, 1,544 lots, 1,066 lots, 1,621 lots and 1,352 lots respectively. In addition, 4 seats reduced long positions between 100 lots and 1,000 lots [3] Changes in Short Positions of the Top 20 Seats - Among the top 20 short - side seats, 11 seats increased short positions. 3 seats increased more than 1,000 lots, namely CITIC Futures, Orient Futures and Qiankun Futures, with significant increases of 1,535 lots, 2,077 lots and 3,028 lots respectively. 8 seats increased short positions between 100 lots and 1,000 lots [3] Multi - to - Short and Short - to - Long Operations - There were 2 seats that carried out multi - to - short operations, namely Guotai Junan Futures and Orient Futures. There were 3 seats that carried out short - to - long operations, namely Zheshang Futures, CITIC Construction Investment Futures and Shanghai Zhongqi Futures [5]