According to the commodity analysis system of SunSirs, the overall domestic fuel oil 180CST market declined in mid November. As of November 21, the average price of domestic fuel oil 180CST was 5,386.00 RMB/ton (including tax), a decrease of 0.74% from the price of 5,426.00 RMB/ton on November 11.
According to SunSirs, as of November 21st, the self pickup low sulfur quotation for 180CST fuel oil and 120CST fuel oil in the Dalian area of China National Chemical Corporation is 5,500 RMB/ton and 5,600 RMB/ton, respectively; The self extracted low sulfur quotation for 180CST fuel oil in the Shanghai area is 5,360 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,460 RMB/ton.
In mid November, crude oil prices fluctuated and fell. On the one hand, OPEC's production reduction plan of 2.2 million barrels per day was extended until the end of December, which is good news for international oil prices. On the other hand, weak demand in China, India, and other regions has led to continued concerns in the market about demand, which is bearish for the oil market. The recent geopolitical situation remains one of the important factors affecting the crude oil market. Overall, the rate of change in crude oil during the cycle has shifted from positive to negative.
In terms of international fuel oil, it is reported that as of the week of November 18th, Fujairah's heavy fuel inventory increased by 5.2% to 9.15 million barrels (1.44 million tons), reaching a new high in two months. Enterprise Development Singapore (ESG): As of the week ending November 20th, Singapore's fuel oil inventories decreased by 1,367,000 barrels to a 3-week low of 16.982 million barrels.
Market forecast: Recently, the international crude oil market has fluctuated, and the prices of domestic ship fuel blended raw materials have fallen, which has limited support for the domestic ship fuel market and strong bearish sentiment among ship fuel industry players; Due to recent weather conditions such as typhoons and low temperatures, coastal bulk cargo prices have been on the rise, with a focus on essential procurement in the shipping market. At present, the self extracted low sulfur quotation for 180CST fuel oil is 5,200-5,450 RMB/ton, and the self extracted low sulfur quotation for 120CST fuel oil is 5,300-5,550 RMB/ton. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.
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