Fuel oil prices surged at Singapore market across all grades. VLSFO prices went up $13/mt to $651/mt. LSMGO prices jumped $21/mt to $784/mt. HSFO prices rose $8 per Mt to $518/mt today.
Fuel oil – VLSFO cash premiums steadied on Tuesday at Singapore trading window. Though front month backwardation widened, prices softened during previous session. Spot VLSFO premium was pegged at $2.25 a ton on Tuesday while front month cracks closed at a premiums of $11.75 a barrel. Kuwait latest spot tender was awarded to Aramco.
On the other hand, Crude markets fell slightly today after a rally yesterday on low economic activity in U.S. Furnace oil prices set to change for every fortnight in India. fo prices are likely to go up for the first half of May, 2024
