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SunSirs: The Pice of China Domestic Fuel Oil 180CST was Stable on October 14

October 16 2020 07:56:36     SunSirs (Selena)

Commodity name: fuel oil 180CST

Latest price (October 14, 2020): 3,587.50 RMB/ ton

Analysis: on October 14, the price of fuel oil was 3,587.50 RMB/ ton, and the market was weak and stable. On the one hand, cost is mainly negative. The international crude oil price fluctuates in a narrow range around $40/ barrel, which weakens the support for fuel oil. It is understood that WTI crude oil closed at $40.18/ barrel on October 13. On the other hand, the demand is still low in the short term, and the epidemic situation of Xinguan in foreign countries is becoming more serious. Fuel inventory has increased, and supply side pressure is high. It is understood that, as of October 7, Singapore's residual fuel oil inventory, including fuel oil and low sulfur waxy residual oil, increased by 190,000 barrels to 24.237 million barrels, light distillate stocks including naphtha, gasoline and reformate oil increased by 215,000 barrels to 13.781 million barrels, and medium distillate stocks decreased by 433,000 barrels to 14.835 million barrels.

Market forecast: China fuel market is expected to continue the weak atmosphere in the short term.


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