Transatlantic fuel oil exports from Europe and Russia dropped by nearly by 53pc on the month to 550,000t in August — the lowest since November. Stronger high-sulphur fuel oil (HSFO) values in northwest Europe discouraged US refners from taking buying long-haul product for secondary processing last month. High-sulphur RMG barges’ fob Rotterdam discount to Urals crude averaged $9.31/l last month — the narrowest since April — supported by tight supply of bunker grade HSFO. And further support for margins could come from higher demand east of Suez, if utilities switch to fuel oil for power generation because of high natural gas prices.
展开▼
