SunSirs: China Domestic Ship Fuel Market has slightly Declined Recently

https://www.chemnet.com   Jun 25,2024 SunSirs

According to the Commodity Analysis System of SunSirs, the price of domestic fuel oil 180CST has slightly declined recently. As of June 24th, the average price of domestic fuel oil 180CST was 5,586.00 RMB/ton (including tax), a decrease of 1.06% from the price of 5,646.00 RMB/ton on June 17th.

According to the SunSirs, as of June 24th, the self pickup low sulfur quotation for fuel oil in the Dalian area of CNOOC is 5700 RMB/ton, and the self pickup low sulfur quotation for fuel oil in the Dalian area is 5,800 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,480 RMB/ton for 180CST, and 5,580 RMB/ton for self extracting low sulfur fuel oil in 120CST.

Recently, the overall crude oil market has risen, and the tense geopolitical situation has resurfaced supply risks. The supply and demand situation is favorable for the oil market. In addition, with the continuous recovery of the Chinese economy and the peak oil consumption season in North America, multiple favorable factors support the upward trend of international oil prices.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Board (ESG): As of the week ending June 19, Singapore's fuel inventory increased by 3.644 million barrels, reaching a nearly four month high of 22.807 million barrels. Singapore's light fraction oil inventory decreased by 591,000 barrels to a four week low of 14.546 million barrels. Singapore's mid distillate oil inventory decreased by 164,000 barrels to a nearly four month low of 8.864 million barrels.

In the near future, there will be a slight increase in domestic mixed raw materials, but downstream demand is weak, and the ship fuel market has a strong wait-and-see sentiment; The supply market and shipping terminal market continue to operate at cost prices for coastal bulk cargo, and shipowners have a cautious attitude towards refueling, resulting in limited transactions. At present, the low sulfur market price of fuel oil 180CST is around 5,500-5,800 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,600-5,900 RMB/ton, which can be negotiated separately. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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