According to the Commodity Analysis System of SunSirs, as of July 9th, the average price of domestic fuel oil 180CST was 4,878.00 RMB/ton (including tax), which is the same as the price of 4,878.00 RMB/ton on July 3rd.
On July 10th, the fuel oil commodity index was 98.79, unchanged from yesterday, a decrease of 27.84% from the cycle's highest point of 136.91 points (2022-11-17), and an increase of 114.39% from the lowest point of 46.08 points on August 15th, 2016. (Note: The cycle refers to the period from September 1st, 2011 to the present)
According to SunSirs, as of July 9th, the self raised low sulfur quotation for fuel oil in Zhoushan area of China National Combustion Corporation was 4.800 RMB/ton for 180cst, and 4.900 RMB/ton for 120cst; The quotation for 180CST self extracting low sulfur fuel oil in China National Diesel Shanghai region was 4.850 RMB/ton, and the quotation for 120CST self extracting low sulfur fuel oil was 4.950 RMB/ton.
Last week, the international crude oil market fluctuated and rose. The expectation of tight supply due to OPEC tightening production in the oil producing country has overshadowed concerns about slowing demand due to the Federal Reserve's interest rate hike. The decline of the US dollar provides support for crude oil; The production reduction of the OPEC and its allies (OPEC+) increased supply concerns; The United States will purchase 6 million barrels of crude oil to fill its strategic oil reserves.
Singapore's fuel inventory has decreased. It is understood that the Enterprise Development Authority (ESG) of Singapore: As of the week ending July 5th, Singapore's light distillate oil inventory decreased by 1.046 million barrels, reaching a nearly seven month low of 13.58 million barrels; Singapore's middle distillate oil inventory decreased by 293,000 barrels to a low of 7.687 million barrels in over a month; Singapore's fuel inventory increased by 177,000 barrels, reaching a three week high of 20.571 million barrels.
Future forecast: The domestic ship fuel market has weak terminal demand, limited replenishment capacity, and the market transactions are mainly in demand. At present, the low sulfur market price of fuel oil 180CST is around 4,800-5,100 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 4,900-5,200 RMB/ton, which is a single negotiation. The recent rise in crude oil prices has boosted sentiment in the domestic ship fuel market, and it is expected that the fuel oil 180CST market may slightly increase in the near future.
