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OIL PRODUCTS: Fuel Oil Cracks Surge in Singapore

OIL PRODUCTS
BulletEnergy BulletsCommodities

The HSFO market has been surging recently, particularly in Singapore where prices have surged relative to Brent/Dubai, moving into rare positive territory on tight heavy/sour crude oil supplies.

  • HSFO cracks are typically discounted to crude benchmarks.
  • Singapore's 380-cst HSFO/Brent crack for March traded at a premium of 40 cents a barrel on Friday. LSEG figures place that at over a five-year high.
  • Stricter U.S. sanctions on Russia have reduced the availability of heavy/sour crude and residuals in Asia. More refineries are avoiding sanctioned Russian oil.
  • The Trump administration has upheld sanctions on Russia and signalled potential further tightening, maintaining pressure on Russian exports.
  • The Dubai-Brent crude spread has widened, as Asian refiners seek alternatives to Russian oil, driving Dubai crude prices higher.
  • The new "U.S. maximum-pressure" strategy on Iran, signed last week, could tighten the market further.
  • Potential tariffs on Canadian oil could increase U.S. refinery demand for heavy/sour crude, adding pressure to residual markets.
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The HSFO market has been surging recently, particularly in Singapore where prices have surged relative to Brent/Dubai, moving into rare positive territory on tight heavy/sour crude oil supplies.

  • HSFO cracks are typically discounted to crude benchmarks.
  • Singapore's 380-cst HSFO/Brent crack for March traded at a premium of 40 cents a barrel on Friday. LSEG figures place that at over a five-year high.
  • Stricter U.S. sanctions on Russia have reduced the availability of heavy/sour crude and residuals in Asia. More refineries are avoiding sanctioned Russian oil.
  • The Trump administration has upheld sanctions on Russia and signalled potential further tightening, maintaining pressure on Russian exports.
  • The Dubai-Brent crude spread has widened, as Asian refiners seek alternatives to Russian oil, driving Dubai crude prices higher.
  • The new "U.S. maximum-pressure" strategy on Iran, signed last week, could tighten the market further.
  • Potential tariffs on Canadian oil could increase U.S. refinery demand for heavy/sour crude, adding pressure to residual markets.