FUEL OIL PRICE - COMMENTARY
Fuel oil prices have gone up today in Singapore market. Fuel Oil 180 cSt prices rose $3 at $410 with 0.74% increase from previous closing price. During the week, 180 cSt grade fuel oil price was increased by $8 with 1.98% upward trend.
Both the Crude futures are trading in advance as the WTI is largely supported by hefty drawings of 6.5M barrels in crude stocks, marked as a third biggest weekly fall as per EIA reports. Increase in U.S production capped the gains. Brent is underpinned with the U.K's forties pipeline outage.
Singapore weekly onshore fuel oil inventories fell 2.5 %, or 583,000 barrels to an 11 - week low of 22.631 million barrels (3.38 million tonnes) in the week ended Dec.20. This came despite a 9 % increase in net fuel oil imports into Singapore in the previous week to a two week high of 912,000 tonnes, Reuters calculations showed.