FIS: Fuel Oil Daily Evening Report

Germany has introduced a natural gas tax to keep domestic gas importers such as Uniper afloat. The tax is designed to relieve pressure on the domestic importers and provide some cushion as these companies are facing extraordinary costs to replace Russian gas supplies.  The tax is expected to cost each German national around $500 annually.

The EU is reviewing Iran’s response to the proposed draft for reviving the nuclear deal.

Rotterdam’s HSFO barge crack printed $18.75/bbl. Singapore’s front- to second-month VLSFO spread is pegged at $13.75/mt.