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.
