Rising flows of Russian fuel oil to northwest Europe and slowing long-haul exports have pushed European high-sulphur fuel oil margins to their lowest in over a year. Plentiful supply in Europe pressured barge prices for high-sulphur standard finished bunker grade RMG — the most liquid European fuel oil assessment — to a discount of nearly $12/bl to Urals crude cif northwest Europe on 11 December, its widest since June 2016. Fuel oil stocks held in independent storage facilities in the Amsterdam-Rotterdam-Antwerp region climbed by 225,000t to 1.182mn t in the week ending 7 December, reflecting increased arrivals from Baltic terminals and a drop in loadings at Rotterdam for Asia-Pacific destinations.
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