SunSirs: China Domestic Fuel Oil 180CST slightly Declined (June 5-11)

According to the Commodity Analysis System of SunSirs, as of June 11th, the average price of domestic fuel oil 180CST was 5,080.00 RMB/ton (including tax), a decrease of 0.39% from the price of 5,100.00 RMB/ton on June 5th.

On June 11th, the fuel oil commodity index was 102.89, unchanged from yesterday, a decrease of 24.85% from the cycle's highest point of 136.91 (2022-11-17), and an increase of 123.29% from the lowest point of 46.08 on August 15th, 2016. (Note: The cycle refers to the period from September 1st, 2011 to the present)

According to SunSirs, as of June 11th, the self extracting low sulfur quotation for fuel oil 180cst in the Zhoushan area of China National Combustion Corporation was 5,000 RMB/ton, and the self extracting low sulfur quotation for fuel oil 120cst was 5,100 RMB/ton; The quotation for 180cst self extracting low sulfur fuel oil in China National Diesel Shanghai region is 5,050 RMB/ton, and the quotation for 120cst self extracting low sulfur fuel oil is 5,150 RMB/ton.

The international crude oil market has been volatile this week. Affected by the favorable supply of Saudi Arabia's plan to deepen production cuts, the bullish sentiment in the market has diluted the bearish sentiment of rising US refined oil inventories and weak Chinese data. The international crude oil prices are in a consolidation trend.

Singapore's fuel inventory has decreased. It is reported that the Enterprise Development Authority (ESG) of Singapore has increased its mid distillate oil inventory by 78,000 barrels to a two-week high of 7.685 million barrels in the week ending February 15th. Singapore's light distillate inventory increased 816,000 barrels, reaching a six-month high of 17.582 million barrels. Singapore's fuel inventory decreased 513,000 barrels to a two-week low of 20.726 million barrels.

Crude oil prices are volatile this week, and there is a strong wait-and-see sentiment in the domestic ship fuel market; At present, the terminal demand in the shipping market is average, and the replenishment capacity is limited. Freight rates continue to be low, and market transactions mainly require small orders. At present, the low sulfur market price of fuel oil 180CST is around 4,900-5,100 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,000-5,200 RMB/ton, which is a single negotiation. It is expected that China fuel oil 180CST market will be dominated by weak consolidation in the near future.

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