Asia markets are in bearish mood. 26-10-2023

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Fuel oil markets in Asia are under pressure. HSFO (high sulphur fuel oil) markets have fallen back into discount this week. The 380-cSt HSFO cash differentials closed at a discount on Wednesday after holding in premiums from mid-Oct. Traders are in hurry to buy Venezuela’s heavy sour graded crude and fuel oil since the U.S temporarily eased sanctions on Venezuela. Heavy sour graded crude oil can be used to produce fuel oil. The cash premium for 0.5% very low sulphur fuel oil (VLSFO) eased while margins slipped to a premium.

Crude markets are volatile due to spilled over demand fears from EU zone. Strong dollar and escalation of ongoing middle east war tensions. Furnace oil prices will be revised with marginal change on Nov 1st in India

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