FIS: Fuel Oil Daily Evening Report

Both Rotterdam and Singapore’s VLSFO cracks came off heavily today, pegged at $9.55/mt and $21/mt, respectively, at UK market close.

The front-month Rotterdam HSFO barge crack traded slightly more steadily between a low of $-29.89/mt and high of $-29.21/mt. It closed at $-29.25/mt.

The new Al-Zour refinery in Kuwait is slated to produce 615,000 b/d of VLSFO. These volumes can rival the entire output from refineries across the Mediterranean, at a time when the regional VLSFO market is tight. The refinery is set to be operational later this month.