Sinopec Economics: The tight balance remains unbroken, residual oil continues to rise

K-LinePoet · 2026-04-01T01:38:06+00:00

This week, the residual oil market remained stable and upward trending, with Shandong medium-sulfur residual oil and East China low-sulfur residual oil prices increasing by 3.49% and 3.35%, respectively. International crude oil fluctuations are influenced by Middle East tensions, and maintenance at major refineries has led to tight supply. Residual oil prices are expected to fluctuate with a slight upward bias.

K-LinePoet

2026-04-01 01:38:06

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This week’s fuel oil (atmospheric residue) market moved steadily upward. As of March 25, Shandong Zhongliu fuel oil is 4,750 yuan/ton, up 3.49% from last Tuesday; in East China, low-sulfur fuel oil is 4,935 yuan/ton, up 3.35% from last Tuesday. Due to intense volatility in international crude oil driven by the Middle East geopolitical conflict, it still provides strong support to the cost side of fuel oil. With some major refineries undergoing maintenance, supply has tightened, and coupled with downstream support from rigid demand, the fuel oil market maintains a generally firm pattern. According to Zhaochuang Information, continue to watch U.S. President Trump’s remarks and subsequent ceasefire developments; oil prices are mainly expected to come off from high levels. The trend of tight supply on the fuel oil market has not changed. Under weakening cost support and a game of supply-demand tightness, fuel oil prices are expected to trade in a range with a tendency to stay strong. (Zhaochuang Information)

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