crude prices moving flat on Friday morning hours after closing down last night. Fundamentals remain broadly unchanged. Selling pressure mounted over bearish weekly nos swifted unwind of ‘Iran Premium’ that propelled oil prices to twelve weeks high. Venezuela oil keep check on prices. On the technicals front, Flat prices might have rolled over on Iran factor but brent is of not sure as supply risks are still a matter of concern. Speculators data awaited later today. Crude set to log in weekly gains.
Fuel oil markets continue to trade up in Asia at SG window. VLSFO spot differentials rose for the fifth session with a recovery in market structure. VLSFO cash differentials up from previous session. HSFO discounts little changed with tightened trade. Plentiful of oil expected into Singapore markets. FO prices up in India.
