SunSirs: China Domestic Ship Fuel Market slightly Increased in Late April

https://www.chemnet.com   May 07,2024 SunSirs

　　According to the Commodity Analysis System of SunSirs, the price of domestic fuel oil 180CST slightly increased in late April. As of April 30th, the average price of domestic fuel oil 180CST was 5,816.00 YUAN/ton (including tax), an increase of 0.90% from the price of 5,764.00 YUAN/ton on April 21st.

　　According to the SunSirs, as of April 30th, the self pickup low sulfur quotation for fuel oil in Dalian area is 6,100 YUAN/ton for 180CST, and 6,200 YUAN/ton for fuel oil 120CST; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,880 YUAN/ton for 180CST, and 5,980 YUAN/ton for self extracting low sulfur fuel oil in 120CST.

　　The crude oil market is volatile, and the instability of the current situation in the Middle East still has a certain positive impact on oil prices, which will keep oil prices at high levels. The resistance to a significant decline in the future is still significant. In addition, the current demand side has also shown some positive expectations, and the peak driving season in North America will stimulate gasoline demand. The decline in US crude oil and finished oil inventories has also provided support for oil prices.

　　In terms of international fuel oil, it is understood that the Singapore Enterprise Development Board (ESG): As of the week ending April 24th, Singapore's medium distillate oil inventory increased by 1.438 million barrels, reaching a new high of 11.574 million barrels in over two years. The inventory of light fraction oil increased by 284,000 barrels, reaching a two-week high of 14.037 million barrels. Fuel inventory decreased by 3.244 million barrels to a nearly 5-month low of 18.942 million barrels.

　　The international crude oil market is volatile, and the wait-and-see sentiment in the ship fuel market is increasing. Currently, the market's purchasing mentality is cautious, with a focus on essential needs; In the ship supply market, due to cost constraints, the price difference between north and south fuel supply has narrowed. Currently, the price of ship fuel in the market is high, and many merchants mainly require small orders. At present, the low sulfur market price of fuel oil 180CST is around 5,800-6,100 YUAN/ton, and the low sulfur market price of fuel oil 120CST is around 5,900-6,200 YUAN/ton, which can be negotiated separately. It is expected that the fuel oil 180CST market will mainly consolidate at a high level after the holiday.

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