SunSirs: Limited Terminal Demand, China Domestic Ship Fuel Market is Weak

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

According to the commodity analysis system of SunSirs, the weak consolidation of the domestic fuel oil 180CST market in July is the main trend. As of July 16th, the average price of domestic fuel oil 180CST was 5,538.00 RMB/ton (including tax), a decrease of 0.57% from the price of 5,570.00 RMB/ton on July 1st.

According to Business News Agency, as of July 16th, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Chemical Corporation is 5,700 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,800 RMB/ton; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area of China National Fuel Oil Corporation is 5,400 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,500 RMB/ton.

The crude oil market is volatile, and the current geopolitical instability still has a certain positive impact on oil prices. The peak driving season in North America will stimulate gasoline demand, but the impact of hurricanes in the Gulf has been eliminated. In addition, the situation between Palestine and Israel has eased, and overall, crude oil prices are mainly volatile.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending July 10th, Singapore's fuel oil inventories decreased by 1.789 million barrels, reaching a 6-week low of 17.87 million barrels. Singapore's light distillate oil inventory decreased by 2.202 million barrels to a 21 week low of 13.307 million barrels. Singapore's intermediate distillate oil inventory rose by 67000 barrels, reaching a two-week high of 8.454 million barrels.

Market forecast: Recently, the domestic mixed raw material market is weak, and there is a strong wait-and-see sentiment in the ship fuel market; In the shipping market, coastal bulk freight rates remain low, shipping demand is weak, terminal demand for replenishment is urgent, and transactions are limited. At present, the market price of 180CST low sulfur fuel oil is around 5,400-5,700 RMB/ton, and the market price of 120CST low sulfur fuel oil is around 5,500-5,800 RMB/ton, subject to negotiation. 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.

 Print  |    add to Favorites  |    Close