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SunSirs: China Domestic Ship Fuel Market Saw a Slight Increase Last Week
March 20 2024 10:24:27SunSirs(Selena)

According to the Commodity Analysis System of SunSirs, the price of domestic fuel oil 180CST increased slightly last week. As of March 18th, the average price of domestic fuel oil 180CST was 5,660.00 RMB/ton (including tax), an increase of 0.86% from the price of 5,612.00 RMB/ton on March 11th.

According to the SunSirs, as of March 18th, the self pickup low sulfur quotation for fuel oil 180CST in the Dalian area of CNOOC is 5,800 RMB/ton, and the self pickup low sulfur quotation for fuel oil 120CST is 5,900 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,850 RMB/ton for 180CST, and 5,950 RMB/ton for self extracting low sulfur fuel oil in 120CST.

Last week, the international crude oil market fluctuated and rose, and the cycle began. The Federal Reserve issued hawkish signals, delaying interest rate cuts and suppressing market confidence; US crude oil inventories have risen for the sixth consecutive week, rising by 1.4 million barrels to 448.5 million barrels. Analysts expect an increase of 2.1 million barrels, putting pressure on crude oil prices. Supported by the tense geopolitical situation in the Middle East in the later stage; In addition, the expected reduction in production by oil producing countries is also a major factor supporting oil prices, leading to an increase in international oil prices.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Board (ESG): As of the week ending March 13th, Singapore's medium distillate oil inventory increased by 797,000 barrels, reaching a two-year and a half high of 10.787 million barrels; Singapore's fuel inventory rose by 2.188 million barrels to a three week high of 21.327 million barrels; Singapore's light fraction oil inventory increased by 1.037 million barrels, reaching a new high of 15.873 million barrels for two consecutive weeks.

Market forecast: The international crude oil market is fluctuating and rising, supporting the ship fuel market, while the rise in mixed raw materials boosts the market atmosphere; The demand in the shipping market and the shipping terminal market is weak, and coastal bulk transportation prices are consolidating at a low level. Merchants mainly purchase small amounts of essential goods. At present, the low sulfur market price of fuel oil 180CST is around 5,700-5,800 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,800-5,900 RMB/ton, which can be negotiated separately. It is expected that the fuel oil 180CST market will mainly consolidate at a high level in the near future.


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