According to the Commodity Analysis System of SunSirs, the overall domestic ship fuel market situation declined in May. As of May 31, the average price of 180CST fuel oil in China was 5,692.00 yuan/ton, a decrease of 2.13% from 5,816.00 yuan/ton on May 1.
In May, the overall domestic fuel oil price of 180CST declined, and in mid to early May, the domestic mixed raw material prices declined, with merchants mainly executing early orders; The ship supply market and shipping market have limited transportation, mainly consuming early inventory, limited terminal refueling, and sluggish transactions. In late May, the ship supply market saw a correction in shipping terminal market rates, and shipowners were cautious in refueling, resulting in limited transactions and a slight increase in the ship fuel market. According to the SunSirs, as of May 31, the self pickup low sulfur quotation for fuel oil in the Dalian area of CNOOC is 5,900 yuan/ton for 180CST, and 6,000 yuan/ton for 120CST self pickup low sulfur fuel oil; The price for self extracting low sulfur fuel oil in the Shanghai area of CNOOC is 5,780 yuan/ton for 180CST, and 5,880 yuan/ton for self extracting low sulfur fuel oil in 120CST.
The overall market for refined naphtha in May fell first and then rose. Currently, the mainstream price of refined hydrogenated naphtha is around 8,000-8,200 yuan/ton, while the mainstream price of straight run naphtha is around 7,900-8,100 yuan/ton. In mid to early May, the terminal trading of refined naphtha in the region was limited, and refineries continued to reduce prices for shipments. The demand for ethylene cracking remained sluggish, and there was a shortage of essential trading for refined reforming in the region; In late May, the crude oil market saw a slight increase, supporting the domestic naphtha market. Refineries actively raised prices, and the terminal demand for local refined naphtha was mainly focused on restructuring the gap in demand trading.
In terms of international fuel oil, it is understood that the Singapore Enterprise Development Board (ESG): As of the week ending May 29, Singapore's fuel inventory increased by 1.216 million barrels, reaching a two-week high of 16.994 million barrels. Singapore's light fraction oil inventory increased by 161,000 barrels, reaching a two-week high of 14.697 million barrels. Singapore's medium distillate oil inventory decreased by 134,000 barrels to a two-week low of 10.84 million barrels.
In the near future, the international crude oil trend has been volatile, and the overall domestic mixed raw material prices have declined. The ship fuel market has a strong wait-and-see sentiment; The supply market and shipping terminal market have seen a decline in freight rates, and shipowners have a cautious attitude towards refueling, resulting in limited transactions. At present, the low sulfur market price of fuel oil 180CST is around 5,500-5,900 yuan/ton, and the low sulfur market price of fuel oil 120CST is around 5,600-6,000 yuan/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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