In High Sulfur Fuel Oil (HSFO), the huge 3.5% rally may have stalled, with the front crack reaching a new high of -$7.10/bbl on 30 Oct. The strength seems to have softened since, with Dec’24 dropping to -$8.55/bbl on 1 Nov. Dec’24 380 E/W fell saw its strength wane, unable to hold rallies above $9.75/mt. Dec’24 E/W open interest dropped to 8.4mb on 15 Oct but rose to 9.5mb by 30 Oct, indicating profit-taking. Dec’24 Visco saw small gains, peaking at $12.50/mt on 1 Nov, with net buying amid low liquidity and minor day-to-day changes.
