crude and fuel oil markets update – petrobazaar.com, Hyderabad, India
Brent oil futures prices for Oct delivery inched down 19 cents or 0.295 pct to $66.41 a barrel on London based ICE Futures Europe exchange while WTI oil Sep futures, Set to expire on Wednesday, slipped 15 cents to $62.55 a barrel on NYMEX on Tuesday morning during Asian hours. Both the benchmarks settled up around 1 pct last night. Brent – WTI spread widened to $3.18 a barrel during the session.
Crude markets are moving more cautiously with geo-political news in focus. Prices buoyed up yesterday after U.S continued pressure over India to stop Russia oil buying followed by markets contemplated planned trilateral summit among the three presidents, That may remove remove threats of secondary tariffs by U.S over Russian oil buyers. Turning to Weekly positioning data, Speculators preferred to reduce netlength in both the benchmarks F&O. Longs left the market while shorts keeping positions that may spur intraday volatility. On the data side, API numbers are awaited later today followed by eia confirmations over U.S inventory data.
Bunker markets in Asia moving in bearish mood. Fuel oil prices continued to dip at Singapore trading hub yesterday. HSFO 380 cSt prices slipped $4 after gaining in the previous session. Furnace oil prices revised up while LDO prices dropped in India from 16th August, 2025.
