According to the data of SunSirs, as of October 23, the average price of domestic fuel oil 180CST was 3,575.00 RMB/ ton (including tax), down 0.35% from the beginning of the week.
On October 23, the fuel oil commodity index was 72.41, down 37.53% from 115.91 (October 17, 2018), and 57.14% higher than 46.08, the lowest point on August 15, 2016. (Note: period refers to 2011-09-01 to now)
As of October 23, the support of domestic marine demand and power generation demand for fuel oil 180CST was weakened, and the market was willing to call back. According to SunSirs, as of October 23, the self raised low sulfur price of 180 CST fuel oil in Ningbo area was 3,550 RMB/ ton; that of 120 CST fuel oil was 3,600 RMB/ ton; that of Shanghai area was 3,550 RMB/ ton; that of 120 CST fuel oil was 3,650 RMB/ ton.
Last week, the international crude oil price fluctuated and fell, dragging the price of fuel oil. WTI crude oil contract closed at $39.78/ barrel on October 23, down 2.79% from $40.92/ barrel at the beginning of the week, according to SunSirs.
Market Forecast: SunSirs energy analysts believe that the current severe epidemic situation in Europe and the United States, the prospect of crude oil and fuel oil demand is worrying, forming a negative impact on the later fuel market. However, with the arrival of winter, the heating power demand may form a certain support for the fuel oil market. Overall, it is expected that China fuel oil 180CST market will continue to be weak in the short term, and there will be an upward opportunity in the medium term.
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