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SunSirs: China Domestic Ship Fuel Market is Stable after the Spring Festival
February 28 2024 13:14:32SunSirs(Selena)

According to the Commodity Analysis System of SunSirs, the overall price of domestic fuel oil 180CST remained stable after the Spring Festival. As of February 26, the average price of domestic fuel oil 180CST was 5,610.00 RMB/ton (including tax), a decrease of 0.04% from the price of 5,612.00 RMB/ton on February 18.

According to SunSirs, as of February 26th, the self pickup low sulfur price for fuel oil in the Dalian area of CNOOC is 5,780 RMB/ton, and the self pickup low sulfur price for fuel oil in the Dalian area is 5,880 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,650 RMB/ton for 180CST, and 5,750 RMB/ton for self extracting low sulfur fuel oil in 120CST.

After the Spring Festival, the international crude oil market fluctuated and declined. On the one hand, the Federal Reserve issued hawkish signals, delaying interest rate cuts and suppressing market confidence; On the other hand, the Gaza ceasefire negotiations suppress the risk premium of crude oil; In addition, the total number of oil and gas drilling rigs in the United States has increased to the highest level since August 2023, and the implementation of OPEC's production reduction is not optimistic, which has suppressed oil prices. The combined influence of bullish and bearish factors has led to a mainly fluctuating downward trend in the international oil price range during this cycle.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Group (ESG): As of the week ending February 21, Singapore's fuel inventory increased by 3.256 million barrels, reaching a three week high of 23.359 million barrels; Singapore's mid distillate oil inventory decreased by 702,000 barrels to a two-week low of 8.845 million barrels; Singapore's light fraction oil inventory increased by 1,394,000 barrels, reaching an 8-month high of 14.302 million barrels.

The international crude oil market is fluctuating downward, and trading in the ship fuel market is cautious. The Spring Festival holiday has ended, and the market is gradually returning to normal; The demand in the shipping market and the shipping terminal market is weak, with merchants mainly purchasing in small quantities. At present, the low sulfur market price of fuel oil 180CST is around 5,600-5,700 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,700-5,800 RMB/ton. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.


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