According to the data of business agency, as of November 7, the average price of domestic fuel oil 180CST was 5830.00 yuan / ton (including tax), down 3.32% from 6030.00 yuan / ton on November 1.
The downward price of domestic marine oil raw materials has limited support for fuel oil 180CST. According to the business news agency, as of November 7, the quotation of 180 CST fuel oil and 120 CST fuel oil in Zhoushan was 6000 yuan / ton, and the quotation of 6100 yuan / ton; The quotation of 180 CST self extracting low sulfur fuel oil in Shanghai is 5700 yuan / ton, and the quotation of 120 CST self extracting low sulfur fuel oil is 5800 yuan / ton.
The decline in international crude oil prices this week was mainly due to the tightening expectation of the Federal Reserve’s monetary policy and the reduction of the scale of bond purchase. In addition, the US Energy Information Administration (EIA) report showed that the US crude oil inventory increased more than expected last week, dragging down oil prices.
Singapore’s increased fuel stocks have limited support for fuel oil prices. It is understood that the Singapore enterprise development authority (ESG): as of the week of November 3, Singapore’s inventory of residual fuel oil, including fuel oil and low sulfur waxy residual oil, increased by 519000 barrels to 22.319 million barrels; Light distillate stocks, including naphtha, gasoline and reformate, decreased by 1827000 barrels to 10.36 million barrels; Medium distillate stocks decreased by 546000 barrels to 1024 million barrels.
Future forecast: the decline of international crude oil is bad for the ship fuel market, the terminal purchasing sentiment is weak, there are few transactions, and the ship fuel price continues to decline. The market price of fuel oil 180CST low sulfur is about 5700-6000 yuan / ton, and the market price of fuel oil 120cst low sulfur is about 5800-6100 yuan / ton. It is expected that the fuel oil 180CST market may continue to decline in the near future.
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