Fuel oil – VLSFO prices are down $7/mt to $642/mt. LSMGO prices slipped $9/mt to $804/mt. HSFO prices are dipped $7/mt to $501/mt today across Singapore market.
Fuel oil spot fuel oil markets largely held steady in discounts amid thin activity. Cash differentials for very low sulphur fuel oil (VLSFO) was pegged at a discount of 35 cents per mt. 380 cSt High Sulphur Fuel oil (HSFO) closed at a discount of $1.90 per tonne. Fuel oil markets structure for prompt months was largely unchanged with VLSFO in a small backwardation and HSFO in a stable contango. Fuel oil supplies in April breached 7 Million Tons that are comparatively higher than the average monthly volume of 5 million tons in the month of March. Turning to crude markets, benchmark indices curves slightly moved up on uncertainty over security of crude movement through Middle east outweighed more than expected build in U.S crude stocks as per report. Furnace oil prices are set to change for every fortnight in India. FO price in Hyderabad are expected to go up for the second half of April.
