In High Sulphur Fuel Oil (HSFO), performance was varied across the complex. Mar’25 3.5% barge crack showed strength this fortnight, rising from -$6.50/bbl on 03 Feb to -$2.85/bbl on 10 Feb before retreating to -$4.50/bbl by 14 Feb. We saw strong buy-side interest with a combined 460kb of buying from hedge funds and trade houses, while end users sold 70kb in the Mar’25 crack. In deferred, Q3’25 3.5% barge crack also saw speculative buying flows from trade houses amounting to 800kb over the fortnight. The Mar’25 380 E/W climbed from $20.75/mt on 04 Feb to $27.00/mt on 13 Feb before easing to $25.50/mt. Majors/NOCs were key sell-side players in the Mar’25 380 E/W flipping from long to short, while hedge funds and trade houses sold smaller volumes. The Mar’25 Visco continued its decline from $7.75/mt on 31 Jan to $4.50/mt on 14 Feb .Despite this decline, buying interest picked up this fortnight, as trade houses flipped from 330kb short to 171kb long. We saw some refiner selling flows on 07 Feb in the Mar’25 Visco, indicative of refiner hedging. Meanwhile, Apr’25 Visco saw 387kb of unopposed trade house selling this fortnight.
