Fuel Oil Price Today as on 8th November, 2024.
VLSFO cash premiums slipped to below $10.00 per Mt with insufficient trade at window deal along with low priced sellers in abundance. HSFO cash premiums for 380 cSt slipped to two weeks lower levels. Decreasing exports from Asia’s bunkering hub, Singapore keep weigh on HSFO cash premiums. Selling interest also gained momentum on backdrop of lower exports from the region. Trafigura settled deals at lower prices as per data. Refining margins for 380 cSt HSFO little changed holding discounts below $7 per barrel. Narrowing backwardation between Nov and Dec swap markets also keep lid on HSFO cash premiums.
Turning to other markets, Crude markets digested Trump’s victory and shifted focus on fundamentals. Cut in Fed int rate and low supplies from U.S gulf coast lent support to oil complex. FO prices went up in India while LDO prices decreased for the first half of Nov, 2024.
