VLSFO cash premiums fell further to $8.00 per Mt with insufficient trade at window deal along with low priced sellers in abundance. HSFO cash premiums for 380 cSt slipped to 30% lower week on week at $10.25 per Mt due lower volumes. Persistent lower offers in the trading window despite slight positive sentiment in the market go into Dec, weigh on HSFO prices. Hi-5 spread tightened back to levels last seen a week earlier at around $121 per Mt, a reflection of weaker VLSFO.
Turning to other markets, Crude markets ended week with narrow weekly gains. crude markets opened the week with a positive note after OPEC announced delay in ramping up production, headed into election mood. Markets whipped violently back after Trump’s victory. Weekly numbers sent mixed signals on swelling inventories across. FO prices went up in India while LDO prices decreased for the first half of Nov, 2024.
