FIS: Fuel Oil Daily Evening Report

The US administration has been reinforcing its efforts to bring Asian importers onboard for a price cap on Russian oil. Russia, meanwhile, has threatened it will halt its oil exports to the global market if prices are capped below its production costs.

Singapore and Fujairah’s front-month VLSFO crack spreads have had less trading liquidity today. Singapore’s VLSFO spread was pegged around $40/mt, down by $2/t from yesterday.

Singapore’s VLSFO crack was pegged at $16.55/mt at the close.