SunSirs: Crude Oil Prices are Declining, and the Overall China Domestic Ship Fuel Market is also Declining

https://www.chemnet.com   Jul 24,2024 SunSirs

According to the commodity analysis system of SunSirs, the overall downward trend of domestic fuel oil 180CST market has been significant recently. As of July 22, the average price of domestic fuel oil 180CST was 5,518.00 RMB/ton (including tax), a decrease of 0.97% from the price of 5,572.00 RMB/ton on July 15.

According to Business News Agency, as of July 22, the self pickup low sulfur quotation for 180cst fuel oil and 120CST fuel oil in the Dalian area of China National Chemical Corporation is 5,750 RMB/ton and 5,850 RMB/ton, respectively; 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 fluctuating downwards, supported by the traditional peak consumption season in the United States and the increasing expectation of the Federal Reserve's September interest rate cut. However, the market still has concerns about the economic and demand prospects, and negative sentiment also exists.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending July 17, Singapore's fuel oil inventories rose by 2.325 million barrels, reaching a 4-week high of 20.132 million barrels. Singapore's light distillate oil inventory rose by 1.206 million barrels to a two-week high of 14.513 million barrels. Singapore's middle distillate oil inventory rose by 2.691 million barrels, reaching an 11 week high of 11.145 million barrels.

The international crude oil market is expected to decline, 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, shipping demand is weak, inquiries from ship owners are scarce, and urgent replenishment is the main reason, resulting in limited transactions. 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.

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