FIS: Fuel Oil Daily Evening Report

Rotterdam’s HSFO barge crack gained $0.10/bbl from the previous day’s settlement, to print -$27.70/bbl.

Singapore and Rotterdam's VLSFO cracks declined by $0.60/bbl.

China and India are gradually cutting down imports from Russia ahead of impending EU sanctions and uncertainty over a proposed G7 price cap on Russian oil imports. Indian refiners such as Reliance Industries have taken a cautious approach to buying Russian crude amid pending clarity on the G7 price cap.