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SunSirs: China Domestic Fuel Oil 180CST Price Rose slightly (January 25-29)

February 01 2021 11:06:33     SunSirs (Selena)

As of January 29, the average 180CST price of domestic fuel oil was 4,057.50 yuan / ton (including tax), up 1.25% from the beginning of the week, according to the data of SunSirs.

On January 29, the fuel oil commodity index was 82.18, unchanged from the previous day, down 29.10% from 115.91 (October 17, 2018), the highest point in the cycle, and up 78.34% from 46.08, the lowest point on August 15, 2016. (Note: period refers to the period from September 1, 2011 to now)

Domestic marine oil raw materials support the cost of fuel oil 180CST. According to SunSirs, as of January 29, the low sulfur quotation of fuel oil 180CST in Zhoushan region was 4,100 yuan / ton; the low sulfur quotation of fuel oil 120 CST in Shanghai region was 4,200 yuan / ton; the low sulfur quotation of fuel oil 180CST in Shanghai region was 4,050 yuan / ton; and the sulfur quotation of fuel oil 120 CST in Shanghai region was 4,150 yuan / ton.

Last week, international crude oil prices rose, supporting fuel oil prices. With the decline of US crude oil inventory, the weakening of US dollar and the severe global epidemic trend, the market is more concerned about the delay of vaccination and new travel restrictions, which may depress demand. Last week, WTI crude oil prices rose 0.13% and Brent crude oil prices fell 0.56%.

Singapore's fuel oil inventory has decreased and its support for fuel oil has increased. It is understood that Singapore's enterprise development board (ESG): in the week ending January 27, Singapore's fuel oil inventory decreased 1.208 million barrels to a five week low of 20.791 million barrels. The weighted average price of shale oil in Fukuang was 2,739 yuan / ton, up 81 yuan / ton from the previous round.

SunSirs energy analysts believe that in the near future, the downstream demand of fuel oil 180CST market is light, and the terminal purchase is mainly on demand. Overall, it is expected that the fuel oil 180CST market may be stable in the short term.

 

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