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Fuel Oil News
SunSirs: China Domestic Ship Fuel Market is on the Rise in Late December
January 02 2024 10:04:23SunSirs(Selena)

According to the Commodity Analysis System of SunSirs, as of December 31, the average price of domestic fuel oil 180CST was 5,418.00 RMB/ton (including tax), an increase of 0.63% from the price of 5,384.00 RMB/ton on December 21.

According to SunSirs, as of December 31st, the self pickup low sulfur price for fuel oil in the Dalian area of CNOOC is 5,550 RMB/ton, and the self pickup low sulfur price for fuel oil in the Dalian area is 5,600 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,380 RMB/ton for 180cst, and 5,480 RMB/ton for self extracting low sulfur fuel oil in 120cst.

In late December, international oil prices slightly declined. As of the 28th, the settlement price of the main WTI crude oil futures contract in the United States was $71.77 per barrel, while the settlement price of the main Brent crude oil futures contract was $77.15 per barrel. On the one hand, geopolitical factors have eased, and shipping in the Red Sea region has resumed. As a result, international oil prices have fallen. On the other hand, inflationary pressure still exists, and crude oil demand is poor. Currently, the demand for oil products in Europe and America is in the off-season, which has suppressed crude oil prices. The results of the production policy meeting of the last oil producing country (OPEC+) did not meet market expectations, as the reduction in production was less than expected; Secondly, the voluntary nature of the reduction in production is questionable, and the supply side will face greater pressure in the future.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Board (ESG): As of the week ending December 27th, Singapore's fuel inventory increased by 542,000 barrels, reaching a two-week high of 21.094 million barrels. Singapore's medium distillate oil inventory increased by 10,000 barrels to a two-week high of 8.091 million barrels. Singapore's light fraction oil inventory increased by 67,000 barrels, reaching a 6-week high of 13.367 million barrels.

Future forecast: The international crude oil market is falling, but the domestic blending cost is strong, supporting the domestic ship fuel market; In the shipping market, merchants began stocking up at the end of the year and actively inquired about prices. At present, the low sulfur market price of fuel oil 180CST is around 5,400-5,500 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,500-5,600 RMB/ton, which can be negotiated separately. It is expected that the fuel oil 180CST market will continue to rise in the near future.

 

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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