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SunSirs: China Domestic Fuel Oil 180CST Price remains Stable last Week (July 27-31)

August 04 2020 10:31:50     SunSirs (Selena)

According to SunSirs, the average price of fuel oil was 3,762.5 RMB/ ton (tax included). Last week, the price was mainly stable, up or down 0.

On July 31, the fuel oil commodity index was 76.20, flat with yesterday, down 34.26% from 115.91 (October 17, 2018), and 65.36% higher than 46.08, the lowest point on August 15, 2016. (Note: period refers to 2011-09-01 to now)

Domestic marine demand and power generation demand have a certain support for fuel oil 180CST, with strong market support and firm business offer. According to SunSirs, as of July 31, low-sulfur self-extracting price of fuel oil 180CST in Ningbo was 3,800 RMB/ ton, that of 120CST was 3,850 RMB/ ton, that of 180CST in Shanghai was 3,850 RMB/ ton, and that of 120CST was 3,950 RMB/ ton.

Last week, the international crude oil price remained around $40/ barrel, supporting fuel oil. According to the monitoring of SunSirs, the closing price of WTI crude oil 09 contract was $40.33/ barrel on July 30, while Brent crude oil 10 contract closed at $43.60/ barrel on July 30.

Market forecast: the energy analysts of SunSirs believe that, supported by the cost and demand, China 180 CST fuel oil market is likely to strengthen in the near future.

 

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