FUEL OIL MARKETS UPDATE
Yesterday, Fuel oil prices were up in Singapore along side of Brent price increase. 180 cSt fuel oil prices advanced with 1.45% increase by $6 to close at $418.50 after losing in the previous session. Brent prices were surged by 3.48% to hit new high levels after late 2014.
Large inventories of High-viscosity fuel oil and tight blended stock supplies fueled low viscosity fuel oil market for last few weeks. Buying interest in 380 cSt pushed up the cash premiums of the high viscosity fuel oil to its highest since March, 2014.