Fuel oil price fell across all the grades in the Singapore market on 15th May, 2024. VLSFO prices dipped by $5/mt to $623 per Mt. LSMGO prices went down $1 per mt to $733 per Mt. HSFO prices declined by $2/mt to $516 per mt.
Fuel oil prices changed little on 14th May, 2024. Fuel oil benchmarks dragged support from low incoming supplies compared to previous month. Total supplies to East Asia are expected to hit about 5 million mt in May compared to 5.5 to 6 tons in April. Expectation of low supplies and stronger seasonal demand lent support to fuel oil benchmarks in recent sessions. Turning to other markets, Crude oil prices rose today on strong fundamentals. Furnace oil prices are set to revise up in India.
