FIS: Fuel Oil Daily Evening Report

Middle Eastern refineries are looking to ramp up oil product exports to the EU, as we move closer to the EU’s 5 February sanctions on refined Russian oil products.

Volatility in Brent futures has pushed VLSFO cracks lower today. Singapore’s front-month VLSFO crack traded in a $2/bbl range, to print $8.70/bbl as we approached the UK close.

Singapore’s March-April VLSFO spread has narrowed by $2-3/mt.