General News
FIS: Fuel Oil Daily Morning Report
January 31, 2023
Hedge funds have increased their net long positions in recent weeks. This indicates bullishness on Brent, partly as they anticipate recovering Chinese demand and a tighter market.
Singapore’s February-March VLSFO spread has come off this morning, trading last at $26.75/mt, down by $2/mt from yesterday's settlement. Similarly, Singapore's VLSFO crack fell by $0.75/bbl this morning.
Steady HSFO production in Greece, Turkey and Italy continues to add downward price pressure in Mediterranean region.
