On April 22, the domestic fuel oil market experienced a downturn. Ex-tank quotes for low-sulfur 180cst fuel oil ranged from 5,900 to 6,500 RMB/ton, while ex-tank quotes for low-sulfur 120cst fuel oil ranged from 6,000 to 6,600 RMB/ton.

On April 22, the spot market for fuel oil trended downward; quotes for low-sulfur 180cst fuel oil stood at 5,900–6,500 RMB/ton, and quotes for 120cst fuel oil stood at 6,000–6,600 RMB/ton—both representing a decline from previous price ranges. This decline signals an imbalance between supply and demand—specifically, either weak demand or rising inventory levels—which constitutes a significant bearish factor for spot prices. When viewed in conjunction with the futures market, the settlement price for the Fuel Oil 2609 contract on April 21, 2026, was 3,562 RMB/ton—an increase of 29 RMB—with open interest rising by 796 lots, suggesting short-term support. However, the bearish signals from the spot market could trigger an adjustment in expectations within the futures market, thereby heightening the risk of short-term price pressure and downward movement; the overall impact is therefore predominantly bearish.

SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.