According to the Commodity Analysis System of Business Society, as of April 22, the average price of domestic fuel oil 180CST was 5618.00 yuan/ton (including tax), a decrease of 0.35% from the price of 5638.00 yuan/ton on April 17.
On April 22, the fuel oil commodity index was 113.78, unchanged from yesterday, a decrease of 16.89% from the cycle’s highest point of 136.91 points (2022-11-17), and an increase of 146.92% from the lowest point of 46.08 points on August 15, 2016. (Note: The cycle refers to the period from September 1st, 2011 to the present)
The international crude oil market is fluctuating downward, and the cost support for ship fuel market is limited. According to Business News, as of April 22, the self extracting low sulfur quotation for fuel oil in Zhoushan area of China National Combustion Corporation was 5600 yuan/ton for 180cst, and 5700 yuan/ton for 120cst; The quotation for 180 cst self extracting low sulfur fuel oil in the Shanghai region of China National Combustion Corporation is 5500 yuan/ton, and the quotation for 120 cst self extracting low sulfur fuel oil is 5600 yuan/ton.
This week, the international crude oil market fluctuated and fell. Recently, the market was worried about the performance of the Federal Reserve’s interest rate hike. The strengthening of the US dollar suppressed oil prices. In addition, the increase in the US crude oil inventory depressed the market, and the crude oil market price trend fell back.
Singapore’s reduced fuel inventory has supported fuel oil prices. It is understood that the Singapore Enterprise Development Authority (ESG): As of the week ending April 19, Singapore’s fuel inventory decreased by 5000 barrels to a three week low of 23.519 million barrels; Singapore’s medium distillate oil inventory decreased by 752000 barrels to a seven week low of 8.062 million barrels; Singapore’s light distillate oil inventory decreased by 924000 barrels to a two-week low of 15.015 million barrels.
Future forecast: International crude oil prices are fluctuating downward, and the domestic ship fuel market has a strong wait-and-see sentiment; At present, the terminal demand in the shipping market is weak, with limited replenishment capacity and poor delivery; Downstream and intermediaries in the ship fuel market have a strong wait-and-see sentiment, with light market transactions and cautious entry. At present, the 180CST low sulfur market price of fuel oil is about 5500-5600 yuan/ton, and the 120CST low sulfur market price of fuel oil is about 5600-5700 yuan/ton. It is expected that the fuel oil 180CST market will be mainly consolidated in the near future.
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