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Fuel Oil News
SunSirs: China Domestic Ship Fuel Market Experienced a Slight Decline in Mid September
September 25 2024 09:45:39SunSirs(Selena)

According to the commodity analysis system of SunSirs, the domestic fuel oil 180CST market slightly declined in mid September. As of September 20th, the average price of domestic fuel oil 180CST was 5,444.00 RMB/ton (including tax), a decrease of 0.73% from the price of 5,484.00 RMB/ton on September 11th.

According to Business News Agency, as of September 20th, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Chemical Corporation is 5,670 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,770 RMB/ton; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area is 5,350 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,450 RMB/ton.

In mid September, the crude oil market fluctuated and rose, boosted by the tense geopolitical situation in the Middle East and the Federal Reserve's interest rate cuts. At present, geopolitical instability continues to affect the market. The traditional peak season in the United States has ended, and global economic data has performed poorly. However, the Federal Reserve's interest rate cuts have boosted the oil market, and the crude oil market is mainly volatile.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending September 18, Singapore's light distillate inventories decreased by 1.014 million barrels to a 6-week low of 14.085 million barrels. The inventory of medium distillate oil decreased by 680,000 barrels, reaching a 10 week low of 10.239 million barrels. Singapore's fuel oil inventories rose by 1.69 million barrels, reaching a two-week high of 18.545 million barrels.

Market forecast: The international crude oil market is fluctuating and rising, supporting the domestic ship fuel market. However, the current domestic blending costs have loosened, and market benefits are limited; In the shipping market, there is insufficient support for terminal demand, and most of the trading is based on essential needs, with limited transactions and a strong wait-and-see sentiment in the market. At present, the self extracted low sulfur quotation for 180CST fuel oil is 5,300-5,650 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,400-5,750 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 enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.

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