Fuel Oil Price Today as on 25th July, 2024
Fuel oil price today on 25th July, 2024 fell down across all fuel oil grades at Singapore trading window. VLSFO prices down $1 per Mt to $609 per Mt. LSMGO prices $3 per Mt decreased to $712/mt while HSFO prices slipped $6 per mt to $499 per Mt.
Fuel oil spot premiums extended gains on 24th July, 2024 in Asia. Fuel oil benchmarks backed by strong derivative markets. Strength in derivative markets came from firm buying across the market. Backwardation for prompt months widened. Refining margins went up as spreads especially for 380cSt hitting a discount of $4.5 per barrel. VLSFO spreads closed higher after hitting a premium of $11.8 per barrel. Turning to other markets, Crude oil markets are in red today after traders shifted focus to weakening demand outlook from China. In India, Furnace oil (F.O) prices are expected to revised down on 1st August, 2024.
