As of December 18, the average price of China domestic fuel oil 180CST was 3,912.50 RMB/ ton (including tax), up 2.96% from the beginning of the week, according to the data of SunSirs.
On December 18, the fuel oil commodity index was 79.24, up 0.76 points from the previous day, 31.64% lower than 115.91 points (October 17, 2018), and 71.96% higher than 46.08 points, the lowest point on August 15, 2016. (Note: period refers to 2011-09-01 to now)
According to SunSirs, as of December 18, China Fuel Oil Zhoushan region quoted 3,900 RMB/ ton of 180 CST self picked fuel oil and 4,000 RMB/ ton of 120 CST self picked up fuel oil. The low sulfur price of 180 CST self picked fuel oil in Shanghai was 4,000 RMB/ ton, and 4,100 RMB/ ton for 120 CST fuel oil.
Last week, international crude oil prices rose sharply, supporting fuel oil prices. Some countries such as Europe and the United States have started mass vaccination, and the international crude oil market is mainly optimistic. Stimulating by favorable factors such as the decline of US crude oil inventory last week, the international crude oil price rose strongly last week. Last week, WTI crude oil price increased 5.73% and Brent crude oil price increased 4.58%.
Singapore's fuel oil inventory has increased, with limited support for fuel oil. It is understood that Singapore Enterprise Development Council (ESG): in the week ending December 16, Singapore's fuel oil inventory increased 468,000 barrels, to 22,829,000 barrels, a two-week high. As of December 15, the weighted average transaction price of shale oil in Fukuang was 2,761 RMB/ ton, up 144 RMB/ ton compared with the previous round, and the transaction volume was 9,000 tons.
SunSirs energy analysts believe that the rise of international crude oil supports the raw material cost of fuel oil 180CST, but the downstream demand is limited, and terminal procurement is mainly based on demand. Generally speaking, it is expected that China fuel oil 180CST market will rise in the short term.
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