According to the data of business agency, as of February 20, the average price of domestic fuel oil 180CST was 5780.00 yuan / ton (including tax), up 1.94% from 5670.00 yuan / ton on February 14.

On February 20, the fuel oil commodity index was 117.06, unchanged from yesterday, down 5.86% from the highest point of 124.35 in the cycle (2021-10-26), and up 154.04% from the lowest point of 46.08 on August 15, 2016. (Note: the period refers to the period from September 1, 2011 to now)

The shortage of domestic marine oil raw materials and the rising price support the cost of fuel oil 180CST. According to the business news agency, as of February 20, the self raised low sulfur quotation of 180 CST fuel oil and 120 CST fuel oil in Zhoushan area was 5900 yuan / ton, and the self raised low sulfur quotation of 120 CST fuel oil was 6000 yuan / ton; The quotation of 180 CST self extracting low sulfur fuel oil in Shanghai is 5850 yuan / ton, and the quotation of 120 CST self extracting low sulfur fuel oil is 5950 yuan / ton.

Crude oil prices remained at a high level this week, mainly driven by the risk expectation of supply interruption. Under the background that the output increase of OPEC + and its allies did not meet the expectation, the tension between Russia and Ukraine heated up the expectation of crude oil supply interruption. In addition, in the post epidemic era, the global economy continues to recover, and the growth expectation of fuel demand also supports oil prices.

Singapore’s increased fuel stocks have limited support for fuel oil prices. It is understood that the Singapore enterprise development authority (ESG): as of the week of February 16, Singapore’s fuel oil inventory surged 1.972 million barrels, reaching a five-month high of 24.128 million barrels. Singapore’s light distillate stocks fell by 152000 barrels to a three week low of 14.15 million barrels. Singapore’s medium distillate oil depot rose 25000 barrels to a two-week high of 7.461 million barrels.

Aftermarket forecast: the international crude oil price is high, and the shortage of raw material resources in the ship fuel market supports the fuel oil price, but the terminal demand is light, the transaction is dominated by small orders, the purchasing mood is general, and it is mainly on the sidelines. The market price of fuel oil 180CST low sulfur is about 5800-5900 yuan / ton, and the market price of fuel oil 120cst low sulfur is about 5850-5950 yuan / ton. It is expected that the fuel oil 180CST market may be dominated by high-level consolidation in the near future.