According to the commodity analysis system of SunSirs, the 180CST fuel oil market in East China first fell and then rose last week, with a slight overall decline. As of October 24th, the average price of 180CST fuel oil in China was 5,400.00 RMB/ton (including tax), a decrease of 0.23% from the price of 5,412.50 RMB/ton on October 17th.

According to Business Society, the prices of domestic ship fuel blended raw materials fell at the beginning of last week, and the cost support for ship fuel was limited, resulting in a slight decline in prices. In the second half of the week, with the continuous rise of the international crude oil market, the domestic ship fuel market was boosted, and the market's bullish sentiment increased; The downstream coastal shipping market has low freight rates, and the demand for pre holiday oil replenishment by ship owners is weak, with a focus on essential needs for transactions. According to Business News Agency, as of October 24th, 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 of China National Fuel Oil Corporation is 5,300 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,400 RMB/ton.

Last week, international crude oil futures rose sharply. The main reason for the panic premium in the market supply is due to the US government's announcement of sanctions on two major oil giants, Lukoil and Rosneft.

In terms of international fuel oil, the Singapore Enterprise Development Board (ESG) reported that as of the week ending October 22, Singapore's fuel oil inventories decreased by 2.036 million barrels to a 4-week low of 23.27 million barrels. The inventory of middle distillate oil in Singapore was 14.773 million barrels, an increase of 5.113 million barrels from the previous week. Singapore's light distillate fuel inventory was 13.612 million barrels, a decrease of 18,000 barrels from the previous week.

The current rise in international crude oil prices has boosted the domestic ship and fuel market, but the terminal shipping market is generally average, and ship owners mainly need to replenish oil urgently. At present, the self extracted low sulfur quotation for 180cst fuel oil is 5,200-5,550 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,300-5,650 RMB/ton. It is expected that the fuel oil 180CST market will experience a slight increase in the near future.

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