FUEL OIL PRICE CHANGE - ANALYSIS
Fuel oil prices are moved up in Singapore market as on today. Fuel oil 180 Cst grade prices are edged up by $2 or 0.5% following the little bit of a delayed reaction by the bulls in regards to the expected OPEC announcement.
The OPEC decision and draws in inventories narrowed the Asia's front month 180 cSt fuel oil crack to Dubai crude to one-week high on Friday. Strong buying interest for 180 cSt fuel oil cargoes boosted cash premiums of the fuel in the physical markets. By contrast, aggressive supplier offers for 380 cSt fuel oil cargoes weighed on premiums of 380 cSt fuel oil despite active trade. Fuel oil stocks in ARA oil hub fell for a third week straight, down 9%, or 92,000 tonnes, from the previous week to a total of 0.957 million tonnes in the week ended Nov, 30.