SunSirs: China Fuel Oil 180CST Fluctuated and Rose Last Week (July 19-25)

　　According to the data of SunSirs, as of July 25, the average price of domestic fuel oil 180CST was 4,800.00 RMB/ ton (including tax), up 0.10% from 4,795.00 RMB/ ton on July 19.

　　On July 25, the fuel oil commodity index was 97.22, unchanged from the previous day, down 16.12% from the highest point of 115.91 in the cycle (October 17, 2018), and up 110.98% from the lowest point of 46.08 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 SunSirs, as of July 25, the quotation of 180 CST fuel oil and 120 CST fuel oil for low sulfur in Zhoushan area was 4,700 RMB/ ton and 4,800 RMB/ ton respectively; The quotation of 180 CST self pick-up low sulfur fuel oil in Shanghai was 4,900 RMB/ ton, and the quotation of 120 CST self pick-up low sulfur fuel oil was 5, 000 RMB/ ton.

　　The international crude oil price rebounds after falling, and the news of OPEC+ production increase will be gradually digested. With the economic recovery, the optimistic prospect of international energy demand or supporting crude oil shows a strong and volatile trend, the international crude oil price may remain high, and the international crude oil will continue to rise under great pressure.

　　SunSirs energy analysts believe that the recent shock and rebound in crude oil prices, light trading in the domestic ship fuel market, limited ship refueling business in some areas due to rainfall and typhoon, weak terminal shipping demand and great upward resistance. It is expected that the fuel oil 180CST market will be stable in China in the near future.