High Sulfur Fuel Oil (HSFO) remains strong this fortnight in both Northwestern Europe (NWE) and Singapore, although we now see increasing volatility in the HSFO complex. The Nov’24 3.5% barge crack rallied to -$7.30/bbl on 14 Oct before simmering off to -$7.85/bbl on account of weak softer physical pricing but rallied to -$6.80/bbl on 18 Oct, likely supported by lower crude. The Nov/Dec’24 3.5% spread fell from $17/mt on 11 Oct to $12.50/mt on 17 Oct but saw support at this level. In the East, the 380 and 180 cst market both saw support this fortnight, with the Nov/Dec’24 380 spread rallying to $10.50/mt on 16 Oct – although it met resistance here. The Nov’24 and Dec’24 Visco (180 vs 380) witnessed significant buying by a Singaporean trade house and Middle Eastern NOC, with the Nov’24 rallying $5.50 to $15.75/mt from Oct 04-18 (at the time of writing).
