FIS: Fuel Oil Daily Evening Report

Russian Deputy Prime Minister Alexander Novak said today that oil production and exports in Russia remain stable despite price caps and sanctions imposed by the G7, EU and Australia. Russian oil companies have taken measures to expand into new markets and establish new supply chain networks to transport its fuel, he added.

VLSFO cracks strengthened today. As we approached the UK close, Singapore and Rotterdam’s VLSFO cracks printed $11.70/bbl and $3.80/bbl, respectively.