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Fuel Oil December Monthly Report: Terminal ship bunkering demand supports the fuel oil market

 Last Update: 2023-01-01
 Source: Internet
 Author: User

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High sulfur fuel oil increased significantly in demand at the bunkering and refinery feed end due to its economy, and the market structure strengthened and rebounded
in November.
Although the supply side is expected to remain under pressure through the end of the year, demand for high-sulfur imports from China began to support fundamentals, and the basis rose steadily after recovering to a positive $0.
24/mt on October 28 and reaching a high of $10/mt on November 22, reaching another high since the August demand season
.
During the period, PetroChina continued to purchase high sulfur at prices higher than MOPSS3~7 US dollars / ton, supporting the Asian high sulfur spot market
.
High sulfur cracking also began to rebound at the end of October, standing at -$26.
05/b as of Nov.
28, up about $10.
69/b (+29%) from -$36.
74/b on Oct.
28, and about $29.
89/b on average in November, up $5.
92/b (+17%)
from October average of -$35.
81/b.

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