According to the Commodity Analysis System of SunSirs, as of June 18, the average price of domestic fuel oil 180CST was 5,010.00 RMB/ton (including tax), a decrease of 1.38% from the price of 5,080.00 RMB/ton on June 12.
On June 18th, the fuel oil commodity index was 101.47, unchanged from yesterday, a decrease of 25.89% from the cycle's highest point of 136.91 points (2022-11-17), and an increase of 120.20% 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 June 18th, 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 the Shanghai region of China National Combustion Corporation is 4,900 RMB/ton, and the quotation for 120CST self extracting low sulfur fuel oil is 5,000 RMB/ton.
Last week, the international crude oil market fluctuated and rose. Mainly due to unexpected retail growth in the United States in May, supported by positive employment data, the expectation of the Federal Reserve ending its interest rate hike process has strengthened. The significant increase in processing capacity of Chinese refineries has boosted oil prices.
Singapore's fuel inventory has increased. It is understood that the Enterprise Development Authority (ESG) of Singapore has reported that as of the week ending June 14th, Singapore's fuel storage has jumped by 1.676 million barrels to a seven week high of 21.25 million barrels. Singapore's medium distillate oil inventory increased 120,000 barrels, reaching a two-month high of 8.607 million barrels. Singapore's light distillate oil inventory decreased 977,000 barrels to a two-week low of 15.338 million barrels.
Last week's crude oil prices fluctuate, coupled with the weak domestic ship fuel market situation, resulting in a strong wait-and-see sentiment in the 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 4,900-5,000 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,000-5,100 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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