SunSirs: Supported by Blending Costs, China Domestic Ship Fuel Market Continues to Rise

https://www.chemnet.com   Apr 17,2024 SunSirs

　　According to the Commodity Analysis System of SunSirs, the price of domestic fuel oil 180CST continued to rise in April. As of April 15th, the average price of domestic fuel oil 180CST was 5,750.00 RMB/ton (including tax), an increase of 1.77% from the price of 5,650.00 RMB/ton on April 1st.

　　According to the SunSirs, as of April 15th, the self pickup low sulfur quotation for fuel oil 180CST in the Dalian area of CNOOC is 5,950 RMB/ton, and the self pickup low sulfur quotation for fuel oil 120CST is 6,050 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,850 RMB/ton for 180CST, and 5,950 RMB/ton for self extracting low sulfur fuel oil in 120CST.

　　In terms of crude oil, in the short term, oil prices will continue to operate at high levels, and it is not ruled out that they may continue to rise after later adjustments. This is mainly due to the unresolved supply side risks and the difficulty in cooling down geopolitical conflicts. Moreover, the arrival of the peak driving season in the United States will stimulate gasoline demand. Both supply and demand will provide strong support for oil prices.

　　In terms of international fuel oil, it is reported that Singapore Enterprise Development Group (ESG): As of the week ending April 10th, Singapore's fuel inventory decreased by 81,000 barrels, reaching a 5-week low of 21.04 million barrels. Singapore's light fraction oil inventory increased by 851,000 barrels, reaching a 6-week high of 16.058 million barrels. Singapore's medium distillate oil inventory increased by 907,000 barrels, reaching a two-year and a half high of 11.208 million barrels.

　　High international crude oil prices and rising domestic blended raw material prices will support the cost of ship fuel market; In the ship supply market, the bulk freight rates in the shipping market have slightly increased, which is beneficial for the ship fuel market. However, currently, the prices in the ship fuel market are at a high level, and merchants mainly make purchases on demand. At present, the low sulfur market price of fuel oil 180CST is around 5,700-5,900 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,800-6,000 RMB/ton, which can be negotiated separately. At present, the increase in domestic gasoline and diesel prices is driving the ship fuel market, and it is expected that the fuel oil 180CST market will rise narrowly in the near future.

 Print  |    add to Favorites  |    Close