SunSirs: China Domestic Ship Fuel Market Prices Saw a Slight Decline Last Week

https://www.chemnet.com   Sep 30,2024 SunSirs

According to the commodity analysis system of SunSirs, the domestic fuel oil 180CST market slightly declined last week. As of September 29th, the average price of domestic fuel oil 180CST was 5,420.00 RMB/ton (including tax), a decrease of 0.44% from the price of 5,444.00 RMB/ton on September 23rd.

According to Business News Agency, as of September 29th, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Chemical Corporation is 5,600 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,700 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.

Last week, the crude oil market declined and the Eurozone economic data was weak. The market is still concerned about the demand outlook, coupled with the expected continued recovery of Libyan crude oil supply and the weakened impact of US hurricanes on crude oil production.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending September 25th, Singapore's fuel oil inventories decreased by 3.013 million barrels, reaching a nearly six-year low of 15.532 million barrels; The inventory of medium distillate oil decreased by 432,000 barrels, reaching an 11 week low of 9.807 million barrels; The inventory of light distillate oil increased by 378,000 barrels, reaching a two-week high of 14.463 million barrels.

Market forecast: The overall international crude oil market is expected to decline in the near future, which will provide limited support for the domestic ship fuel market. Wholesalers will complete their inventory preparation before the National Day holiday and gradually deliver their previous orders; In the shipping market, there is a small release of terminal demand, average transactions, and a strong wait-and-see sentiment in the market. At present, the self extracted low sulfur quotation for 180CST fuel oil is 5,200-5,600 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,300-5,700 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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