FIS: Fuel Oil Daily Evening Report

India’s crude oil imports fell to 19.21 million mt in June, down from 21.47 million mt in April and 19.60 million mt in May. India and China ramped up imports of discounted Russian crude after Western countries imposed sanctions on Russia. However, Russia’s crude shipments to China and India have fallen by 30% from peak levels.

Singapore and Fujairah’s front-month VLSFO crack spreads shot up today. Singapore’s VLSFO spread was pegged at $42/mt at the close, up by $10/t from yesterday.

Singapore’s VLSFO crack was pegged at $17.10/mt at the close.