FIS: Fuel Oil Daily Evening Report

The front-month ICE Brent futures rallied some at 15.00 BST (14.00 GMT) on the backdrop of comments from Russian Deputy Prime Minister Alexander Novak that his country will not supply oil products to nations that support price cap on Russian oil oil.

The statement from Novak comes ahead of G7 nations' Finance ministers meeting scheduled tomorrow which is set to outline the implementation of price cap on Russian oil exports.

Singapore and Rotterdam front-month VLSFO cracks came off sharply today. Singapore’s VLSFO crack was pegged at $9.60/bbl, down from yesterday’s settlement of $12.60/bbl. Similarly, Rotterdam’s crack was printed at $4.60/bbl, down from $6.50/bbl.

Meanwhile, front-month HSFO crack of both Singapore and Rotterdam showed greater stability through the day.