According to the commodity analysis system of SunSirs, the overall domestic ship fuel market fell in March. As of March 31, the average price of domestic fuel oil at 180CST was 5,542.00 RMB/ton, a decrease of 2.87% from 5,706.00 RMB/ton on March 1.
In March, the overall price of domestic fuel oil at 180CST declined, and the decline in mixed raw material prices in mid to early March provided limited support for the marine fuel market, resulting in a sustained decline in the marine fuel market; In the latter half of the year, the price of blended raw materials for ship fuel increased, supported by the cost of ship fuel, and the ship fuel market saw a slight rise. In March, the downstream shipping market had limited oil replenishment by ship owners, and transactions were still dominated by small orders for essential needs, while the ship fuel market had light transactions. According to Business News Agency, as of March 31, the self pickup low sulfur quotation for 180cst fuel oil in Dalian area of China National Fuel Oil Corporation is 5,700 RMB/ton, and the self pickup low sulfur quotation for 120cst fuel oil is 5,800 RMB/ton; The self extracted low sulfur quotation for 180cst fuel oil in the Shanghai area is 5,480 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,580 RMB/ton.
The international oil price trend declined in March. On the one hand, the United States is increasing its crude oil production, coupled with escalating trade tariffs that may suppress global economic growth, which is bearish for the international oil market. On the other hand, the situation between Russia and Ukraine has eased. If the geopolitical situation between Russia and Ukraine ends, the US oil sanctions against Russia will also be relaxed, and international oil prices will fall due to this impact.
In terms of international fuel oil, it is reported that the Singapore Enterprise Development Board (ESG): as of the week ending March 26, Singapore's fuel oil inventory increased by 2.09 million barrels, reaching a 13 week high of 21.708 million barrels; The inventory of medium distillate oil increased by 317,000 barrels, reaching a two-week high of 10.215 million barrels; The inventory of light distillate oil decreased by 845,000 barrels, reaching a two-week low of 16.013 million barrels.
The rise in international crude oil prices will increase the bullish sentiment of domestic ship fuel, and the domestic ship fuel blended raw material market will rise, providing support for the ship fuel market; In the shipping market, coastal shipping prices have fallen, and transactions in the shipping market are average, with ship owners mainly meeting their urgent needs for oil replenishment. At present, the self extracted low sulfur quotation for 180cst fuel oil is 5,350-5,750 RMB/ton, and the self extracted low sulfur quotation for 120cst fuel oil is 5,450-5,850 RMB/ton. It is expected that the fuel oil 180CST market will mainly consolidate in the near future.
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