Fuel Oil Price Today as on 2nd October, 2024
Fuel oil benchmarks traded lower on 1st day of October, 2024. Spot premiums for both the fuel oil grades softened amid prospectus of easing supply tightness. VLSFO markets showed signs of weakening while 380 cSt High Sulphur Fuel oil (HSFO) markets weakened sharply as offers for loading dates in the 2H October dropped.
VLSFO prompt months cracks closed at premium of $12.45 a barrel on Tuesday. HSFO 380 cSt Singapore cash premiums pegged at $6.65 per Mt on Tuesday. Spot benchmarks for 380 cSt HSFO also showed a sign of softening amid lower price offers for the dates in the 2HOct.
Turning to other markets, Crude oil markets moving up on intensifying Middle East that may lead to prospectus of supply disruptions since OPEC member was dragged into rift. FO prices increased in India while LDO prices are decreased in India for the first half of October, 2024.
