SunSirs: China Domestic Ship Fuel Market was mainly Volatile and Consolidated in Early August

https://www.chemnet.com   Aug 13,2024 SunSirs

According to the commodity analysis system of SunSirs, the domestic fuel oil 180CST market was mainly volatile and consolidated in early August, with a slight increase in prices. As of August 11th, the average price of domestic fuel oil 180CST was 5,500.00 RMB/ton (including tax), an increase of 0.07% from the price of 5,496.00 RMB/ton on August 1st.

According to Business News Agency, as of August 11th, 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 is 5,450 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,550 RMB/ton.

The crude oil market first fell and then rose. In the early stage, concerns about the US economic recession intensified, and international crude oil hit a new low. Later, due to the unexpected month on month decline in US crude oil inventory data, concerns about tight supply were triggered. In addition, the optimistic demand outlook drove international oil prices up significantly.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending August 7th, Singapore's fuel oil inventories rose by 172,000 barrels to a two-week high of 19.727 million barrels. Singapore's light fractionation oil inventory decreased by 327,000 barrels, reaching a four week low of 14.071 million barrels.

Market forecast: The international crude oil market continues to rise, boosting the domestic ship fuel market; The supply market for ships is characterized by low shipping prices, limited demand for oil replenishment from ship owners, sparse inquiries from ship owners, and a focus on urgent replenishment, resulting in limited transactions. At present, the market price of 180CST low sulfur fuel oil is around 5,450-5,700 RMB/ton, and the market price of 120CST low sulfur fuel oil is around 5,550-5,800 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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