According to the commodity analysis system of SunSirs, the domestic ship fuel market in October first rose and then fell, with an overall slight increase. As of October 31st, the average price of domestic fuel oil at 180CST was 5,420.00 RMB/ton, an increase of 0.16% from 5,410.00 RMB/ton on October 1st.

In October, the domestic fuel oil price of 180CST first rose and then fell. During the National Day holiday in the first half of the year, crude oil surged, and coupled with the release of a small amount of oil replenishment demand from ship owners after the holiday, the ship fuel market rose; In the second half of the month, crude oil prices fell and fluctuated, domestic blended raw material prices loosened, shipping prices remained stable overall, and the marine fuel market fell. According to Business News Agency, as of October 31st, the self pickup low sulfur quotation for 180CST fuel oil in Dalian area of China National Fuel Oil Corporation is 5,500 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,600 RMB/ton; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area of China National Fuel Oil Corporation is 5,500 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,600 RMB/ton.

International oil prices fluctuated in October, with a significant increase in crude oil market prices at the beginning of the month. On the one hand, the tense geopolitical situation in the Middle East has had an impact, which is positive news for international oil prices. On the other hand, the supply of crude oil remains tight. The OPEC +2.2 million barrels per day production reduction before the end of November will still be effective, and some oil producing countries have stated that they will carry out compensatory production cuts. The supply shortage still exists, and the international crude oil price trend is rising. In mid to late October, oil prices began to fall, and the geopolitical situation in the Middle East is controllable. In addition, the future demand for crude oil market is worrying, which has led to a continuous decline in the oil market. Overall, the price of crude oil market has not changed much and is mainly fluctuating.

In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG) stated that as of the week ending October 29th, Singapore's fuel oil inventories decreased by 4.791 million barrels, reaching a six-year low of 15.354 million barrels. Singapore's heavy distillate inventory decreased by 4.791 million barrels, reaching a six-year low of 15.354 million barrels. The inventory of light distillate oil decreased by 302,000 barrels, reaching a ten month low of 11.744 million barrels. The inventory of medium distillate oil increased by 461,000 barrels, reaching a three week high of 9.368 million barrels.

Market forecast: Recently, the international crude oil market has risen, supporting the domestic ship fuel market, but ship fuel industry players have a strong bearish sentiment; In addition, the current stable freight rates are the main factor, and there is a strong demand for procurement in the shipping market. The overall trading volume in the market is light. Currently, the self pickup low sulfur quotation for 180CST fuel oil is 5,300-5,500 RMB/ton, and the self pickup low sulfur quotation for 120CST fuel oil is 5,400-5,600 RMB/ton, which is negotiable. It is expected that the fuel oil 180CST market will experience weak consolidation in the near future.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.