FIS: Fuel Oil Daily Evening Report

Crude values have risen on the back of a massive draw of US crude inventories draw. Front-month ICE Brent increased to highs of $96.27/bbl today.

Russia forecast that its gas and oil exports to rise by 38% this year and could generate revenue streams of $337.5 billion. Several market participants argue that EU sanctions on Russia have backfired on EU rather than Russia.

Rotterdam and Singapore’s VLSFO cracks strengthened and traded higher as Brent increased, with their September contracts hitting $15/bbl and $20/bbl, respectively.