Fuel oil in singapore markets trades high due to ballooning up demand. VLSFO prices inched up on Monday due to higher demand. Vessels shun red-sea route for trade due to continous attacks. Fuel oil vessels opting longer routes inflating freight charges that inturn affecting economy. Delay in time bound to reach destinations lent support to fuel oil contracts. Cash premiums for 0.5% VLSFO rose by 8 cents to $10.83 per mt on Monday.
Furnace oil prices set to change for every fortnight in India. Furnace oil prices are expected to increase for the first half of February in India. Crude markets are struck in between supply concerns and demand jitters that inturn indicate traders to re look at the supply risk premium.