SunSirs: China Domestic Fuel Oil 180CST Market Saw a Slight Increase Last Week

According to the commodity analysis system of SunSirs, the domestic fuel oil 180CST market saw a slight increase last week. As of March 27th, the average price of domestic fuel oil 180CST was 5,532.00 RMB/ton (including tax), an increase of 0.18% from the price of 5,522.00 RMB/ton on March 21st.

According to Business Society, the rise in prices of blended raw materials for ship fuel last week supported the domestic ship fuel market, while downstream shipping markets saw weaker coastal bulk freight rates. Shipowners mainly needed to replenish oil, leading to a strong wait-and-see attitude in the ship fuel market. According to Business News Agency, as of March 27th, the self pickup low sulfur quotation for 180cst fuel oil in Dalian area of China National Chemical 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.

Last week, the trend of crude oil prices rose, and the inventory of US crude oil and finished products decreased. Coupled with the unstable geopolitical situation, international oil prices rose.

In terms of international fuel oil, the Singapore Enterprise Development Board (ESG) reported that 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.

Market forecast: The recent rise in the domestic market for ship fuel blended raw materials will support the ship fuel market; In the shipping market, transactions are generally average, with a focus on essential needs. 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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