According to the data of the business community, the average price of 180CST of domestic fuel oil as of September 18 was 6660.00 yuan/ton (tax included), down 0.45% from the price of 6690.00 yuan/ton on September 12.

On September 18, the fuel oil commodity index was 134.89, unchanged from yesterday, 0.60% lower than the cycle’s highest point of 135.70 (2022-06-21), and 192.73% higher than the lowest point of 46.08 on August 15, 2016. (Note: Period refers to 2011-09-01 to now)

The international crude oil price rose in shock, and the cost of ship fuel market was supported. According to the business community, as of September 18, the self raised low sulfur price of 180cst fuel oil in the Zhoushan area of CNGC was 6650 yuan/ton, and the self raised low sulfur price of 120cst fuel oil was 6750 yuan/ton; The price of 180cst self raised low sulfur of fuel oil in CNOOC Shanghai is 6600 yuan/ton, and the price of 120cst self raised low sulfur of fuel oil is 6700 yuan/ton.

The international crude oil price fluctuated. At the macro level, the Federal Reserve may significantly increase interest rates, making the dollar stronger again, depressing the oil price valuation. In addition, the global economic recession is expected to continue to depress oil prices. The good news on the supply side of the oil market and the bad news on the demand side will continue to play a game. In particular, the trend of geopolitical tension is becoming more serious, and the oil price is subject to more interference factors, which will further aggravate the shock of the oil market.

Singapore’s fuel oil inventory decreased, supporting fuel oil prices. It is understood that the Singapore Enterprise Development Board (ESG): as of the week of September 14, the fuel oil inventory in Singapore had dropped by 500000 barrels to 19.4 million barrels; Medium distillate oil inventory rose by 300000 barrels to 8.5 million barrels; The light distillate oil inventory decreased by 100000 barrels to 15.6 million barrels.

Future forecast: the international crude oil price will fluctuate this week, and the raw material price in the domestic ship fuel market will decline; Affected by typhoon, some ports have limited oil supply. There is a strong wait-and-see mood in the ship fuel market, and the market transaction is cautious, with the purchase of just needed goods as the main. At present, the 180CST low sulfur market price of fuel oil is about 6600-6700 yuan/ton, and the 120CST low sulfur market price of fuel oil is about 6700-6800 yuan/ton. It is expected that the 180CST market of fuel oil will decline slightly in the near future.