According to the commodity analysis system of SunSirs, the domestic ship fuel market declined in September. As of September 30th, the average price of domestic fuel oil at 180CST was 5,410.00 RMB/ton, a decrease of 1.46% from 5,490.00 RMB/ton on September 1st.

In September, the domestic fuel oil price of 180CST mainly declined, while the international crude oil market fluctuated downward, increasing the strong wait-and-see sentiment in the domestic ship fuel market; The shipping market has limited terminal demand and average transactions. According to Business News Agency, as of September 30th, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Chemical Corporation is 5,600 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,700 RMB/ton; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area of China National Fuel Oil Corporation is 5,400 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,500 RMB/ton.

The crude oil market experienced a significant decline in September, as the geopolitical situation in the Middle East affected the trend of the crude oil market. The easing of the situation at the beginning of the month led to a sharp decline in the crude oil market; Since September, there have been concerns about the future demand for crude oil market, which has led to a continuous decline in the oil market; Finally, due to the rise in US crude oil inventories and negative factors, the overall crude oil market prices have significantly decreased.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending September 25th, Singapore's fuel oil inventories decreased by 3.013 million barrels, reaching a nearly six-year low of 15.532 million barrels; The inventory of medium distillate oil decreased by 432,000 barrels, reaching an 11 week low of 9.807 million barrels; The inventory of light distillate oil increased by 378,000 barrels, reaching a two-week high of 14.463 million barrels.

Market forecast: The overall international crude oil market is expected to decline in the near future, which will provide limited support for the domestic ship fuel market. Wholesalers will complete their inventory preparation before the National Day holiday and gradually deliver their previous orders; In the shipping market, there is a small release of terminal demand, average transactions, and a strong wait-and-see sentiment in the market. At present, the self extracted low sulfur quotation for 180CST fuel oil is 5,200-5,600 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,300-5,700 RMB/ton, subject to negotiation. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.

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