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SunSirs: China Domestic Fuel Oil 180CST Price Rise (June 8-12)

June 15 2020 13:46:19     SunSirs (Selena)

According to the data of SunSirs, as of June 12, the average price of domestic fuel oil 180CST was 3,637.50 RMB/ ton (tax included), up 37.50 RMB/ ton, or 1.04% from 3,600 RMB/ ton at the beginning of the week.

On June 12, the fuel oil commodity index was 74.18, up 0.51 points from the previous day, down 36.00% from the highest point 115.91 (October 17, 2018), and up 60.98% from the lowest point 46.08 on August 15, 2016. (Note: cycle refers to 2011-09-01 to now)

Although the international trade tends to be cold and the marine fuel oil market is generally depressed, some achievements have been made in the prevention and control of domestic epidemic of COVID-19. With the overall resumption of work and production, there is a certain demand in the fuel oil market, and the market's rising sentiment is increased, but it is still cautious. This part of the traders' offer is increased cautiously, with a range of 50-100 RMB/ ton.

International crude oil prices fell sharply, weakening support for fuel oil. Crude oil market demand is still weak, combined with the increase of EIA inventory in the United States on Wednesday, which depresses the international crude oil market, and the crude oil price fell sharply. According to the monitoring of SunSirs, WTI crude oil dropped from $39.55/ barrel at the beginning of the week to $36.34/ barrel on the 12th, down 8.12%; Brent crude oil dropped from $42.3/ barrel at the beginning of the week to $38.55/ barrel on June 12, down 8.87%.

Market Forecast: energy analysts of SunSirs believe that the market of 180CST fuel oil will be weaker in the near future.

 

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