SunSirs: China Domestic Fuel Oil 180CST Market Consolidation Mainly (October 27- November 3)

According to the commodity analysis system of SunSirs, the recent trend of fuel oil 180CST in East China has been mainly consolidated. As of November 3, the average price of domestic fuel oil 180CST was 5,400.00 RMB/ton (including tax), which remained stable compared to October 27.

According to SunSirs, the prices of domestic ship fuel blending raw materials have remained stable recently, and the wait-and-see sentiment in the ship fuel market has increased; The downstream coastal shipping market has stable freight rates, and ship owners mainly need to replenish oil before the holiday. According to Business News Agency, as of November 3rd, 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.

Recently, international crude oil prices have risen slightly. Due to the decline in commercial crude oil inventories in the United States and the positive signals released by the results of economic and trade negotiations between China and the United States, the United States may take military action against Venezuela and increase supply risks, leading to an increase in international oil prices.

In terms of international fuel oil, the Singapore Enterprise Development Board (ESG) reported that as of the week ending October 29th, Singapore's fuel oil inventories rose by 1.754 million barrels, reaching a two-week high of 24.781 million barrels. Singapore's middle distillate oil inventory decreased by 62.51 million barrels, reaching a 13 week low of 85.22 million barrels. Singapore's light distillate fuel inventory was 13.339 million barrels, a decrease of 273,000 barrels from the previous week and a three week low.

Currently, crude oil prices are rising, supporting the domestic ship fuel market; Shipowners urgently need to replenish oil, and coastal bulk cargo prices remain stable. 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 mainly consolidate in the near future.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.