Crude opened in red on Wednesday morning during Asian hrs. Both the benchmarks settled around 2.5 pct high last night. ‘Supply glut’ talk over shadowed Venezuela’s ‘come back’. Prospectus of supply disruptions amid disruptions in Iran pushed oil prices up although markets are grappled with oversupply concerns. On the technicals side, Markets seems to building some price protection against the geo-political drivers. Turning to technicals, API predicted crude and product stocks are built up. EIA will confirm later today. OPEC monthly nos due.
Fuel oil prices largely unchanged in Asia at SG trading window yesterday. HSFO spot differentials continued to trade in discounts although tight supply demand fundamentals persisted amid reshuffling of Venezuela’s oil. Cash differentials for Asia 380 cSt HSFO traded at a discount of $1.22 per ton to Singapore quotes. While 180 cSt traded at a discount of $4.7 per ton. FO LDO prices are likely to go up in India
