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SunSirs: China Domestic Ship Fuel Market in August mainly Fluctuated
September 03 2024 11:06:03SunSirs(Selena)

According to the commodity analysis system of SunSirs, the domestic ship fuel market in August mainly fluctuated within a certain range, with a slight overall decline. As of August 31st, the average price of domestic fuel oil at 180CST was 5,490.00 RMB/ton, a decrease of 0.11% from 5,496.00 RMB/ton on August 1st.

The price range of domestic fuel oil at 180CST fluctuated in August, and the international crude oil market fluctuated in August, increasing the strong wait-and-see sentiment in the domestic ship fuel market; In the ship supply market, the price of sea freight remains stable, while the supply and demand of the ship fuel market are weak, mainly focused on rigid demand trading with limited transactions. According to Business Society, as of August 31st, the self pickup low sulfur quotation for 180cst fuel oil in Dalian area of China National Fuel Oil Corporation is 5,750 RMB/ton, and the self pickup low sulfur quotation for 120 CST fuel oil is 5,850 RMB/ton; The self extracted low sulfur quotation for 180 CST fuel oil in the Shanghai area is 5,350 RMB/ton, and the self extracted low sulfur quotation for 120 CST fuel oil is 54,50 RMB/ton.

The overall trend of crude oil in August was mainly volatile, with the geopolitical situation in the Middle East affecting the trend of the crude oil market. The tense situation has boosted confidence in the crude oil market. Due to a significant decrease in US crude oil inventories and the gradual end of the US oil peak season, the crude oil market in August was mainly affected by both long and short factors. Overall, the crude oil market fluctuated within a certain range.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending August 28th, Singapore's fuel oil inventories decreased by 1.082 million barrels to a two-week low of 18.15 million barrels; The inventory of medium distillate oil decreased by 640,000 barrels, reaching a 7-week low of 10.744 million barrels; The inventory of light distillate oil decreased by 329,000 barrels, reaching a two-week low of 15.632 million barrels.

The recent rise in international crude oil prices will boost the sentiment of the domestic ship fuel market; In addition, due to insufficient support from terminal demand, the adjustment of ship supply prices within the range is mainly focused on rigid demand trading. At present, the market price of 180CST low sulfur fuel oil is around 5,350-5,750 RMB/ton, and the market price of 120CST low sulfur fuel oil is around 5,450-5,850 RMB/ton, subject to negotiation. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

 

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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