According to the data of SunSirs, the average price of 180CST of domestic fuel oil as of October 23 was 6,630.00 RMB/ ton (tax included), which was stable compared with the price of 6,610.00 RMB/ ton on October 17.

On October 23, the fuel oil commodity index was 134.28, unchanged from the previous day, 1.05% lower than the peak of 135.70 (2022-06-21) in the cycle, and 191.41% higher than the minimum of 46.08 on August 15, 2016. (Note: Period refers to 2011-09-01 to now)

The international crude oil price fluctuated downward, and the cost support of the ship fuel market was limited. According to SunSirs, as of October 23, the self raised low sulfur price of 180cst fuel oil in the Zhoushan area was 6,600 RMB/ ton, and the self raised low sulfur price of 120cst fuel oil was 6,700 RMB/ ton; The price of 180 CST self raised low sulfur of fuel oil in CNGC Shanghai is 6,650 RMB/ ton, and the price of 120 CST self raised low sulfur of fuel oil is 6,750 RMB/ ton.

International crude oil prices fell in shock. Since the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to cut their production target by 2 million barrels per day during the National Day holiday, the expectation of tight crude oil supply has led to a rise in oil prices. However, the release of reserves in the United States followed. In addition, against the background of high global inflation, the market strengthened the expectation of the central bank to significantly increase interest rates. The expectation of economic recession risk weakened the demand for fuel. In the short term, it hedged the positive impact of the Organization of Petroleum Exporting Countries (OPEC+) and its allies (OPEC+) to significantly reduce production, and crude oil prices fell accordingly.

Singapore's fuel oil inventory increased, providing limited support for fuel oil prices. It is understood that the Singapore Enterprise Development Board (ESG): As of the week ended October 19, Singapore's light distillate oil inventory fell 1.393 million barrels to 15.184 million barrels, a three-month low. Singapore's medium distillate oil inventory decreased by 1.176 million barrels to 6.963 million barrels, the lowest level in four months. Singapore's fuel oil inventory rose 839,000 barrels to a two-week high of 21.04 million barrels.

The international crude oil market has been in shock recently, and the domestic raw material price is strong at present; Affected by the domestic epidemic situation, port refueling is currently limited, and the transaction is mainly just in demand. In the near future, the ship fuel market is mainly stable. At present, the 180CST low sulfur market price of fuel oil is about 6,700 RMB/ ton, and the 120CST low sulfur market price of fuel oil is about 6,800 RMB/ ton. It is expected that fuel oil 180CST market in China will be arranged in the near future.

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