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European Fuel Oil Spreads Widen in Oct: Platts

OIL PRODUCTS

High-low sulphur fuel oil spreads in European surged in October, amid divergent supply availability for each grade in the Americas and Middle East, according to Platts.

  • The news of Venezuelan sanction relief has had a bearish effect on HSFO prices. HSFO time spreads from Oct-April – the sanction hiatus period – weakened.
  • This could add more length to a structurally tight European HSFO market.
  • Meanwhile, European LSFO prices firmed after an open arbitrage East in October, pulled barrels from Europe.
  • The Europe-Asia LSFO arbitrage was expected to be permanently shut following the start of Kuwait’s Al Zour’s refinery; its LSFO exports nosedived to 0.6m bbl in October, compared to 3.4m bbl in September.
  • Suspected maintenance at other Kuwaiti refineries in October also cut Asian LSFO supply, Platts said.
  • Looking ahead, a more balanced European market and expected increase in Al-Zour’s capacity is expected to shutter the LSFO arbitrage.
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