Fueloil prices up. 8-2-2024

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Fueloil VLSFO prices unchanged at $630/mt today. HSFO prices went up $5/mt to $438 per mt today as per reports. Fueloil cash premiums largely steady and little changed on Wednesday amid thin trade. Supply pressures keep lid on the market.

Fueloil 0.5% VLSFO cash differentials was pegged at a premium of $3.59 per mt. VLSFO bunker premiums at Singapore held near $40 to VLSFO quotes. barging schedules are delayed due to tightness. HSFO markets witnessed selling pressure largely due to muted buying interest. Singapore 380 cSt HSFO cash differential was pegged at a discount of $3.90 per mt on Tuesday. ample supplies due to sudden availability of cargoes from Venezuela keep weigh on HSFO markets. China’s lowering demand for refinery feedback also fueled prevailed bearish sentiment.

Turning to other markets, Furnace oil prices in India set to change for every fortnight. FO prices are expected to increase for the second half of Feb, 2024. Crude markets trading up for last two sessions due to positive sentiment buoyed up by weekly stock reports and ongoing geopolitical tensions in red sea waters.

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