According to the data of SunSirs, the average price of 180CST of domestic fuel oil as of December 30 was 5,970.00 RMB/ton, down 9.55% from 6,600.00 RMB/ton at the beginning of the month.
On December 30, the fuel oil commodity index was 120.91, down 0.2 points from yesterday, 11.69% from the cycle's highest point of 136.91 (2022-11-17), and 162.39% from the lowest point of 46.08 on August 15, 2016. (Note: Period refers to 2011-09-01 to now)
In this month, the 180CST price of domestic fuel oil continued to decline, while the international crude oil fell in shock, and the 180CST cost support of fuel oil was limited. According to SunSirs, as of December 30, the self raised low sulfur price of 180 CST fuel oil in the Zhoushan area was 5,900 RMB/ton, and the self raised low sulfur price of 120 CST fuel oil was 6,000 RMB/ton; The price of 180 CST self raised low sulfur of fuel oil in CNGC Shanghai is 6,000 RMB/ton, and the price of 120 CST self raised low sulfur of fuel oil is 6,100 RMB/ton.
In December, the trend of international crude oil prices was volatile and downward. The Federal Reserve suggested that the interest rate increase was far from over and was not close to the end of monetary tightening. The persistent economic heat in the first half of December triggered the market's concern about the Federal Reserve's transition from "dove" to "eagle", which may disappoint the Federal Reserve's previous desire to slow down interest rate hikes. The market provided the basis for the Federal Reserve to curb inflation and maintain the path of monetary tightening, which triggered a general decline in risky assets. In addition, the overall economy was weak. The severe epidemic in Asia continued to drag down demand expectations. The outlook for energy demand was still not optimistic. Economic weakness depressed oil prices, which fell sharply in the first half of the month. In the second half of the month, in response to the Group of Seven's price ceiling on oil exports to Russia, Russia said it might cut oil production, tightening expectations to heat up the oil market. The news that the United States planned to store strategic oil reserves also brought good news to the oil market. In the second half of the month, international oil prices recovered their decline. On the whole, crude oil prices fell slightly.
Singapore's fuel oil inventory decreased, supporting fuel oil prices. It is reported that the Singapore Enterprise Development Board (ESG): as of the week of December 28, Singapore's fuel inventory fell 461,000 barrels to a two-week low of 20,942,000 barrels; Light distillate oil inventory decreased by 1.367 million barrels to a two-week low of 14.452 million barrels; Medium distillate oil inventory increased by 529,000 barrels to a new four week high of 7.7 million barrels.
In December, the international crude oil price fluctuated and fell, and domestic shipping was blocked due to the cold air. At present, domestic logistics has not recovered. The domestic ship fuel market has a strong wait-and-see mood, and the terminal replenishment capacity is limited. The purchase is mainly on demand, and the transaction is average. At present, the 180CST low sulfur market price of fuel oil is about 5,900-6,100 RMB/ton, and the 120CST low sulfur market price of fuel oil is about 6,000-6,150 RMB/ton. It is expected that the 180CST market of fuel oil in the near future will be dominated by the weak.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.