According to the Commodity Analysis System of SunSirs, the price of domestic fuel oil 180CST continued to decline last week. As of March 31, the average price of domestic fuel oil 180CST was 5,600.00 RMB/ton (including tax), a decrease of 1.41% from the price of 5,680.00 RMB/ton on March 25.

According to the SunSirs, as of March 31, the self pickup low sulfur quotation for fuel oil in the Dalian area of CNOOC is 5,800 RMB/ton, and the self pickup low sulfur quotation for fuel oil in the Dalian area is 5,900 RMB/ton; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,550 RMB/ton for 180CST, and 5,650 RMB/ton for self extracting low sulfur fuel oil in 120CST.

Last week, the international crude oil market fluctuated and rose, mainly due to market concerns about future supply expectations and risks: Russian oil facilities were attacked, and production expectations decreased; Against the backdrop of OPEC+ production reduction in oil producing countries, the supply outlook is tightening; The number of active drilling rigs in the United States continues to decline, making it difficult to increase production in the future.

In terms of international fuel oil, it is understood that the Singapore Enterprise Development Group (ESG): As of the week ending March 27th, Singapore's fuel inventory decreased by 606,000 barrels, reaching a two-week low of 21.403 million barrels; The inventory of light distillate oil increased by 138,000 barrels, reaching a two-week high of 15.239 million barrels; Medium distillate oil inventories decreased by 215,000 barrels to a three week low of 10.134 million barrels.

Last week, mixed raw materials remained stable and declined, providing limited cost support for the ship fuel market; In the shipping market, the demand for shipping terminals is weak, the demand for bulk commodity transportation has shrunk, the consumption of ship fuel has decreased, and merchants mainly purchase on demand. At present, the low sulfur market price of fuel oil 180CST is around 5,500-5,800 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,600-5,900 RMB/ton, which can be negotiated separately. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

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