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SunSirs: Limited Demand, Weak Market Situation in China Domestic Ship Fuel Market

Increase font size  Decrease font size Date:2023-11-22   Views:44

  According to the Commodity Analysis System of SunSirs, as of November 19, the average price of domestic fuel oil 180CST was 5,288.00 RMB/ton (including tax), a decrease of 0.56% from the price of 5,318.00 RMB/ton on November 13.



  According to SunSirs, as of October 19th, the self extracting low sulfur quotation for 180CST of fuel oil in the Dalian region of China National Combustion Corporation was 5,300 RMB/ton, and the self extracting low sulfur quotation for 120CST of fuel oil was 5,350 RMB/ton; The quotation for 180CST self extracting low sulfur fuel oil and 5,200 RMB/ton for 120CST self extracting low sulfur fuel oil in the Shanghai region of China National Combustion Corporation is 5,100 RMB/ton.



  The international crude oil market has been fluctuating and declining recently. On the one hand, the rebound in OPEC exports has put pressure on oil prices. Due to the seasonal decline in internal demand in the Middle East region, its export share has increased. Data shows that OPEC crude oil exports have increased by about 1 million barrels per day since reaching a low point in August, which to some extent alleviated the pressure of supply tightening caused by the tense geopolitical situation in the Middle East in the market. On the other hand, there are still concerns about the current level of inflation in the United States, indicating that the Federal Reserve may still raise interest rates in the future, causing the US dollar to rise and putting pressure on the prices of commodities such as crude oil and gold denominated in US dollars. On the last hand, the increase in US crude oil inventories exceeded expectations, coupled with market concerns about demand in the Asian region.



  In terms of international fuel oil, it is understood that the Singapore Enterprise Development Authority (ESG): As of the week ending November 15th, Singapore's inventory of residual fuel oil (excluding asphalt), including fuel oil and low sulfur wax residue, has decreased for the third consecutive week, reaching 17.511 million barrels (approximately 2.76 million tons), falling to the lowest level in the past six months, with a decrease of 1.041 million barrels.



  The international crude oil market is fluctuating, increasing the wait-and-see sentiment in the domestic ship fuel market; The recent increase in domestic mixing costs has supported the domestic ship fuel market; The supply market for ships has been affected by strong winds at the port, resulting in limited transportation by shipowners and an increase in freight rates; At present, the ship oil supply merchants have basically completed replenishment, and the market transactions are light, with small orders being the main demand. At present, the low sulfur market price of fuel oil 180CST is around 5,100-5,300 RMB/ton, and the low sulfur market price of fuel oil 120CST is around 5,200-5,400 RMB/ton, which is a single negotiation. It is expected that the fuel oil 180CST market will be mainly consolidated in the near future.




 
 
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