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SunSirs: China Domestic Fuel Oil 180CST Price Rose slightly (December 7-11)

December 15 2020 10:26:54     SunSirs (Selena)

According to the data of SunSirs, as of December 11, the average price of domestic fuel oil 180CST was 3,800.00 RMB/ ton (including tax), a slight increase of 1.67% compared with the beginning of the week.

The fuel oil commodity index on December 11 was 76.96, flat with the previous day, down 33.60% from the cycle's highest point of 115.91 (October 17, 2018), and 67.01% higher than the lowest point of 46.08 on August 15, 2016. (Note: period refers to 2011-09-01 to now)

As of December 11, the price of 180 CST fuel oil was supported by the rise of domestic marine oil raw materials. According to SunSirs, as of December 11, the quotation of low sulfur for 180 CST fuel oil in Zhoushan area was 3,750 RMB/ ton; that of 120 CST fuel oil was 3,850 RMB/ ton; that of Shanghai area was 3,850 RMB/ ton; that of 120 CST fuel oil was 3,950 RMB/ ton.

Last week, the international crude oil price fluctuated and rose, supporting the price of fuel oil. WTI crude oil closed at $46.78/ barrel on December 11, up 1.12% from $46.26/ barrel at the beginning of the week, according to SunSirs.

Singapore's fuel oil inventory decreased and support for fuel oil increased. It is understood that Singapore Enterprise Development Council (ESG): in the week ending December 9, Singapore's fuel oil storage fell by 3.39 million barrels to 22.361 million barrels, a three week low.

SunSirs energy analysts believe that the raw material cost of fuel oil 180CST is supported, but the downstream demand is weak and the terminal transaction is limited. Generally speaking, it is expected that the fuel oil 180CST market will remain stable in the short term.

 

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