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OIL PRODUCTS: Asia’s HSFO Cracks Move to Parity with Crude: Reuters

OIL PRODUCTS
SingaporeEnergy BulletsBulletAPACCommodities

Asia’s HSFO cracks have shown further signs of easing today, falling to near parity with both Brent and Dubai crude, Reuters said.

  • However, the intermonth backwardation spreads retained strength at the prompt, sources told Reuters.
  • The easing back comes after the cracks flipped into premiums late last week, reaching over five-year highs.
  • That strength was widely expected to be ephemeral amid coming pressure from weak Chinese demand and a likelihood of Russian fuel oil arrivals.
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Asia’s HSFO cracks have shown further signs of easing today, falling to near parity with both Brent and Dubai crude, Reuters said.

  • However, the intermonth backwardation spreads retained strength at the prompt, sources told Reuters.
  • The easing back comes after the cracks flipped into premiums late last week, reaching over five-year highs.
  • That strength was widely expected to be ephemeral amid coming pressure from weak Chinese demand and a likelihood of Russian fuel oil arrivals.