Fuel Oil Price Today as on 7th December, 2024.
Fuel oil prices in Asia are largely rangebound during the week. Fuel oil onshore inventories dropped in Singapore market, Still high compared to previous months. Supply inflows remain strong in the region. U.S, Saudi Arabia and Indonesia are the major exporters of fuel oil to the region. Most of the fuel oil heading to South Koria, China and Bangladesh.
VLSFO (very low sulfur fuel oil) spot premiums steadied at the end of the week after sliding to their weakest since April. HSFO (High Sulphur Fuel oil) 380 cSt spot premiums continued to trend lower on Friday.
Hi-5 Fuel oil spread is the premium of VLSFO over 380 cSt HSFO. Hi-5 spread showed some rebound compared to last week. Hi-5 Premium closed slightly above $105 per Mt as per data. Hi-5 premium fell to its narrowest premium in more than five months last week as VLSFO demand weakened. The spread widened again after HSFO also started softening.
Turning to other markets, Crude futures prices logged in weekly loss after closed down on Friday. OPEC+ outcome pushed markets into pessimistic mood. FO prices in India go up while LDO prices will be revised up as on 16th Dec, 2024.
