On January 7, the ex-works price for low-sulfur 180cst fuel oil in the Qingdao area of China Gas was quoted at 5,750 yuan per ton, a decrease of 50 yuan per ton compared to the previous trading day. PriceSeek analysis of fuel oil, with a long-short score of -1, indicates that the ex-works price for low-sulfur 180cst fuel oil in the Qingdao area has been lowered by 50 yuan per ton to 5,750 yuan per ton. This suggests an increase in spot market supply or a weakening of demand, directly exerting downward pressure on spot prices. Combined with futures data, major fuel oil contracts such as 2609 (closing at 2,396 yuan per ton, down 25 yuan) and 2607 (closing at 2,432 yuan per ton, down 24 yuan) have also experienced price declines. Active trading volumes (e.g., 36,006 lots for the 2609 contract) and rising open interest (e.g., an increase of 9,624 lots for the 2609 contract) reflect heightened bearish sentiment in the market and increased short-side pressure, putting simultaneous downward pressure on futures prices. Considering both the decline in spot prices and the downward trend in futures data, the overall assessment is moderately bearish.