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Fuel Oil Report – Volat-oil Markets

3 min read

In high sulphur fuel oil (HSFO), the prompt-month 3.5% barge crack has shown consistent support amid restricted European HSFO availability, strengthening from -$10.77/bbl on 20 Sep to -$8.80/bbl by 03 Oct. Trade houses were the main buyers, although we saw a spurt of selling between 27 Sep and 01 Oct, perhaps indicating profit taking by in-the-money longs. Meanwhile, the Nov’24 380 E/W saw a steady decline in the latter part of September, moving into negative single digits on 25 Sep and reaching a low of -$9.75/mt on 01 Oct, though it recovered slightly to -$1.75/mt in early October. We continue to see pressure in the East amid tepid Chinese feedstock demand. Finally, the Nov’24 Visco shot up to $15.25/mt on 30 Sep but sold off $6 down to $8.75/mt on 03 Oct.

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Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.