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.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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