According to the commodity analysis system of SunSirs, the 180CST fuel oil market in East China slightly increased in mid September. As of September 21, the average price of 180CST fuel oil in China was 5,450.00 RMB/ton (including tax), an increase of 0.69% from the price of 5,412.50 RMB/ton on September 11.

According to Business News Agency, the recent international crude oil market has fluctuated and risen, boosting the domestic ship fuel market. The price of domestic ship fuel blended raw materials has been steadily increasing due to the large volume, which supports the cost of ship fuel; The enthusiasm for negotiations in the downstream coastal shipping market has increased, with a rise in bulk freight rates and an increase in demand for pre holiday oil replenishment from shipowners. According to Business News Agency, as of September 21st, the self pickup low sulfur quotation for 180cst fuel oil in Dalian area of China National Chemical Corporation is 5,550 RMB/ton, and the self pickup low sulfur quotation for 120cst fuel oil is 5,650 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.

Recently, the price of crude oil fluctuated and rose, mainly because the Russia-Ukraine conflict caused the market to worry about potential supply risks, and the Federal Reserve cut interest rates by 25 basis points to support oil prices.

In terms of international fuel oil, the Singapore Enterprise Development Board (ESG) reported that as of the week ending September 17, Singapore's fuel oil inventories decreased by 1.118 million barrels to a three week low of 25.41 million barrels; The inventory of medium distillate oil decreased by 144,000 barrels, reaching a 3-week low of 9.719 million barrels; Light distillate inventories rose by 259,000 barrels, reaching a two-week high of 14.366 million barrels.

Market forecast: Currently, downstream shipping market freight rates remain stable, and ship owners will replenish oil and stock up before the holiday. At present, the self extracted low sulfur quotation for 180cst fuel oil is 5,300-5,550 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,400-5,650 RMB/ton. It is expected that the fuel oil 180CST market will experience a slight increase in the near future.

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