According to the data of business agency, as of June 26, the average price of 180CST of domestic fuel oil was 6690.00 yuan / ton (including tax), down 0.15% from 6700.00 yuan / ton on June 20.
On June 26, the fuel oil commodity index was 135.49, unchanged from yesterday, down 0.15% from 135.70, the highest point in the cycle (June 21, 2022), and up 194.03% from 46.08, the lowest point on August 15, 2016. (Note: the period refers to the period from September 1, 2011 to now)
The international crude oil price fell, and the cost support of the ship fuel market was limited. According to the business news agency, as of June 26, the price of 180CST self raised low sulfur fuel oil and 120cst self raised low sulfur fuel oil in Zhoushan area of China National combustion Corporation were 6650 yuan / ton and 6750 yuan / ton respectively; The price of 180CST self extracting low sulfur fuel oil in Shanghai is 6700 yuan / ton, and the price of 120cst self extracting low sulfur fuel oil is 6800 yuan / ton.
The international crude oil price fell, the market returned to fundamentals, and the crude oil supply price was tightly supported. However, affected by the expectation of interest rate hikes by many central banks across the country, the market was worried about the economic recession, and the oil price was still fluctuating in the range. The US inflation in May exceeded expectations. The CPI soared to 8.6% year-on-year. The US Federal Reserve’s interest rate hike of 75 basis points also set a record. The fear of further increasing the risk of global economic recession, coupled with the uncertainty of the epidemic, has led to major changes in market expectations. The dollar rose again, risky assets were sold off again, and the stock market, bulk commodities and other fields fell on a large scale. Crude oil bears the brunt. It is already at a relatively high level in history. Under the condition that the tight supply situation has not changed, the panic has dealt a heavy blow to the oil price.
The increase in fuel oil inventories in Singapore has limited support for fuel oil prices. It is understood that Singapore enterprise development authority (ESG): as of the week of June 22, Singapore’s medium distillate oil inventory increased by 652000 barrels, reaching a nine week high of 8.61 million barrels; Singapore’s light distillate oil inventory fell by 600000 barrels to a two-week low of 15212000 barrels; Singapore’s fuel oil inventory increased by 1154000 barrels, a two-week high of 21348000 barrels.
Aftermarket forecast: international crude oil continued to fall, domestic ship fuel market costs fell, and suppliers’ shipments were blocked; The terminal demand of the market is general, the receiving of goods is limited, the overall transaction in the market is light, and the purchase is just needed. At present, the low sulfur market price of fuel oil 180CST is about 6700 yuan / ton, and the low sulfur market price of fuel oil 120cst is about 6800 yuan / ton. It is a single discussion. It is expected that the 180CST market of fuel oil will be mainly sorted out in the near future.