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Fuel Oil Price Today. 1st August, 2024.

image shows fuel oil price movements in singapore markets

Srinivas Chowdary Sunkara

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Fuel Oil Price Today as on 1st, August, 2024.

Fuel oil prices surged today on 1st August , 2024 across all fuel oil grades at Singapore trading window. VLSFO prices up $13 per Mt to $616/Mt. LSMGO price surged $14 per Mt to $719/mt while HSFO prices rose $10 at $505/Mt. 

Fuel oil spot premiums largely stable in Singapore market before month end on thin trade. VLSFO markets firmed up on expectation of tighter prompt supplies. Backwardation spread between August and September continue to widen on tighter prompt supply fundamentals.

Turning to other markets, Crude oil markets moving up on widening of political tensions in ME. FO and LDO price revised down in India. Furnace oil (F.O) prices revised down Rs.760 per Mt while Light Diesel Oil (LDO) prices went down Rs.1310 per KL from Visakha depo.

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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