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SunSirs: China Fuel Oil 180CST Rose Last Week (September 13-19)
September 23 2021 10:21:05Selena(SunSirs)

According to the data of SunSirs, as of September 19, the average price of domestic fuel oil 180CST was 4,870.00 RMB/ ton (including tax), up 2.80% from 4,737.50 RMB/ ton on September 13.

On September 19, the fuel oil commodity index was 98.63, unchanged from the previous day, down 14.91% from the highest point of 115.91 in the cycle (October 17, 2018), and up 114.04% from the lowest point of 46.08 on August 15, 2016. (Note: the period refers to the period from September 1, 2011 to now)

The rise of domestic marine oil raw materials supports the cost of fuel oil 180CST. According to SunSirs, as of September 19, the price of 180 CST fuel oil and 120 CST fuel oil in Zhoushan was 4,800 RMB/ ton and 4,900 RMB/ ton; The quotation of 180 CST self extracting low sulfur fuel oil in Shanghai was 4,950 RMB/ ton, and that of 120 CST was 5,050 RMB/ ton.

International oil prices have risen sharply. The recent rise in oil prices is mainly due to the decline in us supply. Good supply has strengthened the willingness of upward oil prices in the short term. The inventory data released by the U.S. Energy Information Administration (EIA) was significantly positive. Last week, the decline of U.S. crude oil inventory was much greater than the market expectation, and the market expected that demand would continue to pick up with the acceleration of vaccination process.

Singapore's fuel oil inventory decreased, which supported fuel oil prices. It is understood that the Singapore enterprise development authority (ESG): as of the week of September 15, Singapore's fuel oil storage fell by 2.847 million barrels to a two-week low of 21.301 million barrels; Singapore's light distillate stocks increased 730,000 barrels, to a more than two month high of 13.98 million barrels. Singapore's medium distillate stocks increased 939,000 barrels, to a two-week high of 10.861 million barrels.

The international crude oil rose last week. In the early stage, the price of ship fuel market rose rapidly, the price was high, the terminal acceptance was limited, the market wait-and-see mood was strong, the demand was dominated, and the transaction was limited. It is expected that China fuel oil 180CST market may remain stable in the near future.

 

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