According to the data of business agency, as of August 21, the average price of domestic fuel oil 180CST was 6520.00 yuan / ton (tax included), which was stable compared with the price of 6520.00 yuan / ton on August 15.

On August 21, the fuel oil commodity index was 132.05, which was the same as yesterday, down 2.69% from the highest point 135.70 in the cycle (June 21, 2022), and up 186.57% from the lowest point 46.08 on August 15, 2016. (Note: the period refers to September 1, 2011 to now)

The international crude oil price fluctuates, and the cost of ship fuel market is limited. According to the business news agency, as of August 21, the price of 180CST self-contained low sulfur fuel oil in Zhoushan District of China National combustion Corporation was 6550 yuan / ton, and the price of 120cst self-contained low sulfur fuel oil was 6650 yuan / ton; In Shanghai, the price of 180 CST self extracting low sulfur fuel oil is 6450 yuan / ton, and the price of 120 CST self extracting low sulfur fuel oil is 6550 yuan / ton.

The international crude oil price fluctuated. On the one hand, the pessimistic view of the recent economic recession dominated the market, and the economic data were generally weak, which once again triggered the market’s concern about the global economic recession. In addition, the market was waiting for the results of the negotiations on the resumption of the Iranian nuclear agreement, and the supply tension was expected to ease, which made the international oil price under pressure. Previously, the market focus was mainly on the results of the OPEC + ministerial meeting. Finally, the Joint Ministerial Supervision Committee (jmmc) decided to increase production by 100000 barrels / day in September. This increase in production is significantly smaller than the previous 648000 barrels, which is the smallest increase in the history of the institution. Although the increase in production this time is small, equivalent to about 0.1% of the global oil demand, OPEC + actually reserves more room for increase in production. Finally, according to the estimation of the International Energy Agency (IEA), within six months after the resumption of the Iran nuclear agreement, Iran is expected to increase the additional capacity of about 1.3 million barrels / day. This is also a reversal of the market’s view on supply tightening, and the trend of international oil prices has declined.

The decrease of fuel oil inventory in Singapore supports the price of fuel oil. It is understood that Singapore enterprise development bureau (ESG): as of the week of August 17, Singapore’s light distillate oil inventory dropped 968000 barrels to a four week low of 16.699 million barrels; The inventory of medium distillate increased by 400000 barrels, reaching a two-week high of 7.802 million barrels.

Future forecast: at present, the ship fuel cost is strong, which has a boosting effect on the ship fuel market. The domestic ship fuel market is mainly on the sidelines, and the transaction is cautious. The terminal demand is not significantly favorable, and the purchase is just needed. This week, the overall price of ship fuel market remained stable. At present, the market price of 180CST low sulfur fuel oil is about 6500 yuan / ton, and the market price of 120cst low sulfur fuel oil is about 6600 yuan / ton, which is a single discussion. It is expected that the fuel oil 180CST market will be sorted out in the near future.