Resid/bunkers: High sulfur back in backwardation

摘要

The front-month September/October 180 CST high sulfur fuel oil spread returned to a back-wardated structure Wednesday, with traders citing a combination of a strong Middle East market and shipping delays on arbitrage cargoes from Rotterdam."Sure there are some delays in Europe, but I think the market is just catching on to how tight the Middle East is," said a Singapore-based trader.