According to China National Petroleum Corporation, on 21 April, residual oil prices remained stable with a slight downward trend. Crude oil prices fell, weakening cost-side support. Downstream buyers adopted a wait-and-see approach, leading to widespread price reductions for residual oil. Crude oil prices declined, with market sentiment leaning bearish. The downstream petrol and diesel markets initially fell before rebounding; however, insufficient demand support hampered residual oil sales. Oil slurry prices fell across the board. With oil prices declining and market sentiment leaning bearish, downstream buyers adopted a wait-and-see approach, leading to widespread price reductions. As oil prices fell, cost-side support weakened. With strong bearish sentiment prevailing, refineries focused on selling oil slurry at discounted prices to move stock.

Regarding marine fuels, domestic market prices for marine fuels remained stable overall. Crude oil continued to rebound, but market sentiment remained subdued; shipowners’ enquiries were modest and transactions were average. Wholesale prices for domestic marine fuel and supply market prices remained stable. In the wholesale market, with raw material costs unchanged, ex-warehouse prices stabilized; in the supply market, demand showed no significant improvement, and shipowners remained cautiously watchful, with enquiries primarily for small orders, whilst supply market prices remained stable. Currently, the estimated ex-warehouse price for marine blended 180CST in the Bohai Bay region is 5,350–5,400 RMB/ton, whilst in East China it is 5,400–5,600 RMB /ton. in South China, the ex-warehouse estimated price for marine blended 180CST is RMB 5,550–5,700 per ton, whilst the price for light marine fuel is RMB 7,800–8,100 per ton.

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