In high sulphur fuel oil, we saw significant weakness in the HSFO complex as reduced summer power generation demand weighed on sentiment. The conclusion of bitumen season may also be a contributing factor. The Oct’24 3.5% barge crack sold off to -$13.50/bbl by 2 Sep, and there was strong sell-side interest from trade houses. Meanwhile, the 380 East/West (Sing 380 vs 3.5% barges) saw a volatile performance over the fortnight and was marked by strong selling down the curve. Nonetheless, we noted end user buying interest.
Subscribe to Edge to unlock this Research
Edge is the proprietary research arm of Onyx:
the #1 liquidity provider of oil futures
OR