This past fortnight saw strong price action in the fuel complex, with the HSFO market weakening in both the European and the Asian benchmarks. The 3.5% barge crack saw substantial selling in the prompt contracts, adding on to strong downwards pressure from a stronger Brent. With selling in the EW the Asian market spiralled downwards as well. VLSFO was a completely different story with continued tensions in the Red Sea leading to a rally in the Sing 0.5 complex. A tender rumour from the Kuwait Petroleum Corporation saw the market slashed downwards only to recover past the previous highs, a sign of a healthy market.
