Fuel oil price moved sideways in Asian market at Singapore trading hub. VLSFO price unchanged at $622 per mt. LSMGO prices went up $6 per mt to $748 per mt. HSFO prices jumped $5 per mt to $523 per mt today.
Fuel oil prices are expected to hover due to expected low arrivals in the month of May. Shipping companies are avoiding Suez canal due to on going political turmoil in the Red Sea waters. The world’s biggest bunkering hub- Singapore is expected to receive around 1.3 Millions to 1.4 Millions mt of LSFO from the west in May down from about 1.8 Million mt scheduled for April as per trade sources. Turning to other markets, Crude markets are under pressure from weak physical markets that weighed on crude oil prices. Furnace oil(FO) prices are set change for every fortnight in India. Furnace oil (FO) prices are expected to go up in India for the second half of May, 2024.
