By Srinivas Chowdary Sunkara // petrobazaar // 27th May, 2019.
Fuel oil (F.O) prices plummeted above $25 or 5.89% last week. Both the 180 cSt and 380 cSt graded fuel oil futures prices are closed last week down by $6.5 or 1.93% at $433 and $401 respectively while MGO prices shed $19 at $598.5 in the Singapore markets. The global crude oil futures prices tumbled massively above 4% last week as the longs preferred to exit from the oil markets.
Turning to IMO-2020 news, Low Sulfur fuel oil(LSFO), defined as having 1% max sulfur content recorded wider premium during the week. The widening gap between the low sulfur swap values suggests an earlier start to IMO-2020 compliance process. Typically, Markets observers are in the opinion that the start of IMO compliance process to fuel changes in the fuel oil market dynamics.
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IMO News courtesy:ship&bunker