July 31st, according to the news
According to the commodity analysis system, the 180CST fuel oil market in East China remained largely stable this week. As of July 31, the average price of 180CST fuel oil in China was 6262.50 CNY/ton (including tax), an increase of 0.20% from the price of 6250.00 CNY/ton on July 27.
It is reported that this week’s decline in international crude oil prices has heightened the wait-and-see sentiment in China’s marine fuel market. However, rising costs of blended marine fuel feedstocks are providing some support to marine fuel prices, resulting in overall stability in the marine fuel market. On the supply side, demand remains weak, shipowners are adopting a cautious approach, and small-scale bunkering orders are the norm. As of July 31, according to available information, the ex-warehouse low-sulfur fuel oil 180cst price in Dalian offered by Zhongran was 6,300 CNY per ton, while the ex-warehouse low-sulfur fuel oil 120cst price was 6,400 CNY per ton. In Shanghai, Zhongran’s ex-warehouse low-sulfur fuel oil 180cst price was 6,100 CNY per ton, and the ex-warehouse low-sulfur fuel oil 120cst price was 6,200 CNY per ton.
This week, crude oil experienced a dramatic and wide-ranging downward fluctuation, with a rollercoaster-like trend due to repeated geopolitical conflicts. Additionally, the continuous drawdown of U.S. crude oil inventories and the tight supply from OPEC+ provided support at the lower end.
Regarding international fuel oil, according to Singapore’s Enterprise Singapore (ESG): As of the week ending July 29, Singapore’s fuel oil inventories fell by 1.326 million barrels to 18.134 million barrels; light distillate inventories rose by 0.616 million barrels to 12.084 million barrels; and middle distillate inventories declined by 0.981 million barrels to 7.734 million barrels.
Market Outlook: The volatile trend in international crude oil prices has heightened the wait-and-see sentiment in China’s marine fuel market. The downstream shipping market is performing poorly, and shipowners are primarily placing small, urgent orders. As a result, the 180CST fuel oil market is expected to experience narrow fluctuations in the near term.
