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Zhuochuang Information: Residual oil surged and then fell in June, may oscillate downward next month

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In June, the residual oil market trend first rose then fell, with average prices diverging. The monthly average price of low-sulfur residual oil in Shandong was 4,915 yuan per ton, up 120 yuan per ton or 2.5% month-on-month; the monthly average price of medium-sulfur residual oil was 4,699 yuan per ton, down 92 yuan per ton or 1.92% month-on-month. In the first ten days, supported by high crude oil prices and a tight supply-demand pattern, prices continued to surge. In the latter ten days, crude oil prices fell sharply, collapsing the cost support for residual oil. At the same time, some refineries planned to resume production at the end of the month, leading to an expected increase in external supply. With the downstream mentality of buying when prices rise but not when they fall, the procurement pace slowed, dragging residual oil prices down continuously. Future news guidance is bearish. The supply side of the residual oil market is showing an increasing trend, the room for coking profit recovery is limited, and downstream unit operating rates are expected to decline overall, with insufficient demand support. It is expected that residual oil prices will generally decline with fluctuations next month. (SCI99)
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