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Mechanism: Fuel oil rebounds sharply There are three influencing factors

 Last Update: 2023-02-01
 Source: Internet
 Author: User

Tags

sesame oil storage

brent oil price

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【Industry performance】Last week, Singapore's fuel oil stocks increased by 61,000 tons to 3.
359 million tons, ARA fuel oil stocks increased by 6,000 tons to 1.
114 million tons, and Zhoushan fuel oil stocks fell by 80,000 tons to 820,000 tons
.
Stocks in Singapore's high sulphur storage fell by 69,000 tonnes to 1.
345 million tonnes
.
Domestic FU warehouse receipts dropped to 117,780 tons, and low-sulfur futures warehouse receipts fell to 0
.

【Core logic】The first batch of low-sulfur fuel oil export quotas in 2023 was recently issued, totaling 8 million tons, an increase of 1.
5 million tons or 23.
08%
compared with the first batch of low-sulfur fuel oil export quotas of 6.
5 million tons in 2022.
The increase in low-sulfur export quotas has curbed low-sulfur cracking and hit internal and external price differentials
.
For high sulfur, in addition to the impact of crude oil, there are three influencing factors, one is the change in Singapore's floating warehouse, the other is the growth of demand for incoming processing, and the third is Russia's high sulfur export.

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