crude oil ripping in the third week. HSFO & VLSFO prices up in Asia. FO LDO set to rise in India
crude flat prices continued to jump last week. Brent closed up nearly $103 on Fri, The highest since the start of the year. Iran war continued on into 3rd week, Closure of SoH, One month waiver on Russian crude, IEA releasing emergency stocks are the headlines. Timespreads weakened as the longer dated contracts are moving up quickly than prompt month and brent prompt demonstrated steepest backwardation curve. Data reports are uneventful this week. Refined products rang bullish bells across. Middle distillates demand outweighed other products. Market Positioning data during the week ending 10th March, Revealed that speculators are back to crude as net buyers. It seems that the traders are still betting over U.S – Iran war quick ending. Shorts booked quick profits. Consensus is that Oil traders assuming the war will end or the SoH will be forced to open within the next four weeks that reflected the pricing trend below levels that have been associated with oil shocks in the past. if the war tenure extents further, Oil prices very likely to go further and the risk of oil shock and downturn in the business cycle will become much higher.
Fuel oil markets continued to demonstrate upside momentum at SG trading hub in Asia during the week ending 13th March, 2026. VLSFO(0.5%) prices surged sharply from $822/MT to around $1120/MT that reflected steep week on week jump. HSFO prices moving up, traded close to $882/MT. Tightening supplies, Stronger market sentiment are the drivers. FURNACE OIL AND LDO prices are set to increase tomorrow in India.
