SunSirs: China Domestic Fuel Oil 180CST Rose slightly (January 9-16)
https://www.chemnet.com Jan 18,2023 SunSirs
According to the data of SunSirs, the average price of domestic fuel oil 180CST was 6,020.00 RMB/ton (tax included) as of January 15, up 1.07% from 5,956.00 RMB/ton on January 9.
The fuel oil commodity index on January 15 was 121.92, which was the same as the previous day, decreased by 10.95% from the highest point of 136.91 (2022-11-17) in the cycle, and increased by 164.58% from the lowest point of 46.08 on August 15, 2016. (Note: the period refers to September 1, 2011 to now)
The international crude oil price rose, and the cost of ship fuel market supported. According to SunSirs, as of January 9, the self-raised low sulfur price of 180CST fuel oil in Zhoushan area of CNOOC was 6,000 RMB/ton, and the self-raised low sulfur price of 120CST fuel oil was 6,100 RMB/ton; CNOOC Shanghai quoted 6,000 RMB/ton for 180CST self-raised low sulfur fuel oil and 6,100 RMB/ton for 120CST self-raised low sulfur fuel oil.
The international crude oil price rose, which was affected by the optimistic expectation of China's demand outlook and the unexpected drop in consumer prices in the United States in December, which slowed the tightening monetary policy of the Federal Reserve and supported the oil price.
Singapore's fuel inventory has increased, which has limited support for fuel oil prices. It is understood that the Singapore Enterprise Development Authority (ESG): as of the week of January 11, Singapore's fuel inventory fell 522,000 barrels to 20,811,000 barrels, a four-week low. Singapore's light distillate inventory increased 795,000 barrels to a three-month high of 16.462 million barrels.
Last week, the price of international crude oil rose, and the price of raw materials in the domestic ship fuel market pushed up. The ship fuel market was bullish, and the downstream stock was in succession, mainly on demand. At present, the low sulfur market price of fuel oil 180CST is about 5,900-6,100 RMB/ton, and the low sulfur market price of fuel oil 120CST is about 6,000-6,150 RMB/ton. It is expected that the fuel oil 180CST market will rise slightly in the near future.