On January 16, Sinogas Shanghai's ex-works low-sulfur fuel oil 180cst was quoted at 5,250 yuan/ton, up 150 yuan/ton from the previous trading day, while low-sulfur fuel oil 120cst was quoted at 5,350 yuan/ton, also up 150 yuan/ton from the previous trading day. PriceSeek's analysis of fuel oil indicates a bullish-bearish score of 2. The article reports that on January 16, 2026, Sinogas Shanghai's spot quotations for fuel oil 180cst and 120cst both increased by 150 yuan/ton, reaching 5,250 yuan/ton and 5,350 yuan/ton, respectively. This significant rise suggests tight market supply and demand, likely driven by increased winter demand or reduced supply, which is favorable for spot prices. Combined with the latest futures data, the main fuel oil contracts, such as 2603 (closing price 2,586 yuan/ton, change +68 yuan/ton) and 2605 (closing price 2,566 yuan/ton, change +49 yuan/ton), show an upward trend, with open interest and trading volume supporting bullish sentiment. The increase in spot prices is expected to reinforce bullish expectations in the futures market, driving further price increases and constituting a significant positive factor.
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