On April 14, the domestic fuel oil market underwent a phase of weak consolidation. Quoted prices for 180cst low-sulfur fuel oil (ex-terminal) ranged from 6,400 to 6,900 RMB/ton, while quotes for 120cst low-sulfur fuel oil (ex-terminal) ranged from 6,500 to 7,000 RMB/ton.

The report highlights that the domestic fuel oil market is currently consolidating within a weak range. Spot quotes for 180cst low-sulfur fuel oil—at 6,400–6,900 RMB/ton—and for 120cst low-sulfur fuel oil—at 6,500–7,000 RMB/ton—are situated at the lower end of their respective ranges. This indicates weak demand and ample supply, thereby exerting downward pressure on spot prices. Corroborating this trend, futures market data reveals a general decline across multiple fuel oil contracts; for instance, the settlement price for the 2607 contract fell to 3,921 RMB/ton (down 3 RMB), and the settlement price for the 2609 contract dropped to 3,695 RMB/ton (down 3 RMB). Changes in open interest—such as a reduction of 1,640 lots in the 2607 contract—suggest a net outflow of capital, reflecting a strengthening bearish sentiment in the market and indicating that futures prices may face further downward pressure.

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