Fuel Oil Price Today as on 14th August, 2024.
Fuel oil prices declined today across all grades in Asian markets at Singapore trading window. VLSFO prices down $3 per Mt to $606/Mt. LSMGO prices went down $5 per Mt to $694/Mt. HSFO prices declined $10/Mt trading at $483/mt as per report.
VLSFO cash premiums up while HSFO 380 cSt Singapore spot premiums pegged at $5.25 per Mt on Monday Cash premiums for VLSFO inched up ahove $5.5 per Mt. The prompt backwardation widening above $6 on recovery of backwardation. HSFO cargoes are scheduled to be loaded from India. Ample supplies of HSFO into Asian markets keep weigh on prices.
Turning to other markets, Crude oil markets moving up today after API reported a fall in U.S stocks. Widening ME conflict also prevailed to lend support to oil complex. FO and LDO prices are expected to fall in India for the second half of August, 2024.
