SunSirs: China Domestic Ship Fuel Market Continued to Decline in June

https://www.chemnet.com   Jul 02,2024 SunSirs

According to the Commodity Analysis System of SunSirs, the domestic ship fuel market continued to decline in June. As of June 30th, the average price of 180CST fuel oil in China was 5,582.00 RMB/ton, a decrease of 1.93% from 5,692.00 RMB/ton on June 1st.

In June, the domestic fuel oil price of 180CST fluctuated downward, and the overall price of mixed raw materials in China fell in June. The ship fuel market had a strong wait-and-see sentiment; In the supply market and shipping terminal market, coastal bulk freight rates continue to operate at cost prices. Shipowners have a cautious attitude towards refueling at the terminal, and they only need to replenish goods when needed, resulting in limited transactions. According to the SunSirs, as of June 30th, the self pickup low sulfur quotation for fuel oil in the Dalian area of CNOOC is 5,700 RMB/ton for 180CST, and 5,800 RMB/ton for 120CST self pickup low sulfur fuel oil; 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.

The crude oil market fluctuated and rose in June. On the one hand, the tense geopolitical situation has resurfaced supply risks, and the supply and demand situation is favorable for the oil market. On the other hand, the Chinese economy continues to rebound and improve, coupled with the arrival of the peak oil consumption season in North America, strongly supporting oil prices.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Group (ESG): As of the week ending June 26th, Singapore's fuel inventory decreased by 3.514 million barrels, reaching a two-week low of 19.293 million barrels; Medium distillate oil inventories increased by 15,000 barrels to a two-week high of 8.879 million barrels; The inventory of light distillate oil increased by 261,000 barrels to a two-week high of 14.87 million barrels.

Market forecast: In the near future, the domestic mixed raw material market will be weak, and the ship fuel market will have a strong wait-and-see sentiment; In the shipping market, shipping demand is weak, and terminal demand for replenishment is limited, resulting in limited transactions. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

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