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SunSirs: China Domestic Fuel Oil 180CST Price Fell slightly last Week (August 10-14)

August 20 2020 08:00:16     SunSirs (Selena)

On August 14, the fuel oil commodity index was 74.94, flat with the previous day, down 35.35% from the cycle's highest point of 115.91 (October 17, 2018), and 62.63% higher than the lowest point of 46.08 on August 15, 2016. (Note: period refers to 2011-09-01 to now)

On one hand, tight supply supported fuel prices. According to SunSirs, as of August 12, Singapore's surplus fuel oil storage decreased by 2%, and the export volume jumped to the highest level in nearly six months; on the other hand, there was still wait-and-see sentiment in the downstream, especially the marine oil market, and the purchasing was not strong, which suppressed the fuel oil price. According to SunSirs, as of August 14, CNAC Ningbo fuel oil 180CST low sulfur self-pick up price quoted 3,750 RMB/ ton; China light fuel oil Shanghai 180CST low sulfur self-pick up price quoted 3,700 RMB/ ton.

Last week, international crude oil prices rose slightly, supporting fuel oil. According to the monitoring of SunSirs, the price of WTI crude oil rose from $41.22/ barrel to $42.24/ barrel, an overall increase of 2.47%; the price of Brent crude oil increased from $44.40/ barrel to $44.96/ barrel, an overall increase of 1.26%.

Market Forecast: energy analysts of SunSirs believe that with the progress of the vaccine, the epidemic factors may gradually weaken, and China fuel oil market may strengthen in the later period as the peak season approaches.

 

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