SunSirs: China Domestic Ship Fuel Market was mainly Sorted Out Last Week

https://www.chemnet.com   Oct 28,2024 SunSirs

According to the commodity analysis system of SunSirs, the domestic fuel oil 180CST market was mainly consolidated last week. As of October 27th, the average price of domestic fuel oil 180CST was 5,446.00 RMB/ton (including tax), a decrease of 0.07% from the price of 5,450.00 RMB/ton on October 21st.

According to Business News Agency, as of October 27th, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Fuel Oil Corporation is 5,500 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,600 RMB/ton; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area is 5,600 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,700 RMB/ton.

Last week, crude oil prices rose overall, partly due to the tense geopolitical situation in the Middle East, which is positive news for international oil prices. On the other hand, the supply of crude oil remains tight. The OPEC+ 2.2 million barrels per day production reduction before the end of November will still be effective, and some oil producing countries have stated that they will carry out compensatory production cuts. The supply shortage still exists, and the international crude oil price trend is rising. In addition, the local economy in Asia has improved, and the market's panic on demand has eased, boosting the international oil market. Finally, the decrease in US crude oil inventories supported the oil market positively.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending October 23, Singapore's fuel oil inventories rose by 2.199 million barrels, reaching an 18 week high of 20.145 million barrels. Singapore's light distillate oil inventory decreased by 847,000 barrels, reaching a 45 week low of 12.046 million barrels. Singapore's intermediate distillate oil inventory decreased by 396,000 barrels, reaching a 15 week low of 8.907 million barrels.

Last week, the overall international crude oil market rose, providing cost support for the domestic ship fuel market. However, the weakness of domestic blended raw materials has limited support for the domestic ship fuel market; This week, there has been good demand for shipping, with shipping prices rising. However, the supply market is mainly observing and consolidating, with average transactions and slight fluctuations in the ship fuel market. At present, the self extracted low sulfur quotation for 180CST fuel oil is 5,300-5,600 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,400-5,700 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 enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.

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