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.
