On February 2, China Gas Shanghai quoted the ex-works price for low-sulfur 180cst fuel oil at 5,250 yuan/ton, down 100 yuan/ton from the previous trading day, and the ex-works price for low-sulfur 120cst fuel oil at 5,350 yuan/ton, also down 100 yuan/ton from the previous trading day. PriceSeek's analysis of fuel oil indicates a bearish score of -1.5. The article shows that the spot prices for low-sulfur 180cst and 120cst fuel oil in China Gas Shanghai have both decreased by 100 yuan/ton, a decline of approximately 1.9%, reflecting oversupply or weak demand in the market, which constitutes a significant bearish factor for spot prices. In conjunction with the fuel oil futures market, recent contracts such as 2606 and 2607 have generally experienced price declines, with settlement prices dropping by 63–98 yuan/ton. The reduction in open interest and high trading volume suggest increased bearish pressure and a market expectation of further declines, further reinforcing the downside risk for futures prices. The overall score is -1.5, indicating a moderately strong bearish sentiment. Although the decline is not extreme, the simultaneous drop in both spot and futures prices highlights significant short-term price pressure.