According to the data of the business agency, the average price of 180CST of domestic fuel oil as of May 23 was 4687.50 RMB/ton (including tax), up 0.81% from 4600.00 RMB/ton on May 17.
On May 23, the fuel oil commodity index was 94.94, the same as yesterday, down 18.09% from the highest point of 115.91 (2018-10-17) in the cycle, and up 106.03% from the lowest point of 46.08 on August 15, 2016. (Note: Period refers to 2011-09-01 to present)
The decline of domestic marine oil raw materials has limited support for fuel oil 180CST. According to the SunSirs, as of May 23, the 180 CST self-provided low sulfur price of fuel oil in Zhoushan was 4650 RMB/ton, and the 120 CST self-provided low sulfur price of fuel oil was 4750 RMB/ton; The price of 180 CST self-provided low sulfur fuel oil in Shanghai is 4700 RMB/ton, and that of 120 CST self-provided low sulfur fuel oil is 4800 RMB/ton.
The sharp drop in international oil prices is mainly due to the market's concern that the surge of new cases in Asia will further depress the demand for crude oil, as well as the expectation that the new progress of the US Iran nuclear agreement will release increased supply; In addition, the probability of US inflation causing the Federal Reserve to raise interest rates increases.
Singapore's fuel oil inventory decreased, supporting the price of fuel oil. It is understood that Singapore's enterprise development board (ESG): in the week ending May 19, Singapore's fuel oil inventory decreased by 1.416 million barrels, to a three-week high of 24.96 million barrels.
Future forecast: business community energy analysts believe that the recent price rise of fuel oil 180CST is mainly affected by the addition of consumption tax on some refined oil products, but the market transaction is light, the terminal shipping demand is weak, the downstream purchasing enthusiasm is not high, and the demand for fuel oil 180CST is mainly on demand. Business enthusiasm for raw material procurement is not high, market turnover is low, and the fuel oil 180CST market is expected to be stable shortly.
