As of May 23, the average 180CST price of domestic fuel oil was 4687.50 yuan / ton (including tax), up 0.81% from 4600.00 yuan / ton on May 17, according to the data of business news agency.
On May 23, the fuel oil commodity index was 94.94, unchanged from yesterday, down 18.09% from 115.91 (October 17, 2018), the highest point in the cycle, and up 106.03% from 46.08, the lowest point on August 15, 2016（ Note: period refers to the period from September 1, 2011 to now
The decline of domestic marine oil raw materials has limited support for fuel oil 180CST. According to the business news agency, as of May 23, the 180 CST self provided low sulfur price of fuel oil in Zhoushan was 4650 yuan / ton, and the 120 CST self provided low sulfur price of fuel oil was 4750 yuan / ton; The price of 180 CST self provided low sulfur fuel oil in Shanghai is 4700 yuan / ton, and that of 120 CST self provided low sulfur fuel oil is 4800 yuan / ton.
The sharp drop in international oil prices is mainly due to the market’s concern that the surge of new cases in Asia will further depress the demand for crude oil, as well as the expectation that the new progress of the US Iran nuclear agreement will release increased supply; In addition, the probability of US inflation causing the Federal Reserve to raise interest rates increases.
Singapore’s fuel oil inventory decreased, supporting the price of fuel oil. It is understood that Singapore’s enterprise development board (ESG): in the week ending May 19, Singapore’s fuel oil inventory decreased by 1.416 million barrels, to a three week high of 24.96 million barrels.
Future forecast: business community energy analysts believe that the recent price rise of fuel oil 180CST is mainly affected by the addition of consumption tax on some refined oil products, but the market transaction is light, the terminal shipping demand is weak, the downstream purchasing enthusiasm is not high, and the demand for fuel oil 180CST is mainly on demand. Business enthusiasm for raw material procurement is not high, market turnover is low, and fuel oil 180CST market is expected to be stable in the near future.
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