Asia Fuel Oil prices continue to ease amid ceasefire talks in the Mideast
‘- Cash differentials for Asia 380cst HSFO averaged slightly above $26.50/mt over Apr. 6–8, down from an average of around $29.40/mt w-on-w. The Asia 180cst HSFO cash differentials averaged around $29/mt over the same period, down from $32.60/mt w-on-w.
– Asia 380cst HSFO outright prices averaged around $690/mt over Apr. 6–8, and the Asia 180cst HSFO outright prices averaged around $701/mt over the same period, down from an average of $694.75/mt and $703/mt w-on-w, respectively.
– Cash differentials for Asia LSFO averaged around $36.65/mt over Apr. 6–8, falling below the $36/mt mark on Apr. 8 for the first time since Mar. 5. Outright prices eased to an average of around $797.30/mt, down around $41.70/mt w-on-w.
– Ceasefire talks announced on Apr. 8 between the US/Israel and Iran prompted prices to ease, with Iran agreeing to allow shipments to pass through the Straits of Hormuz.
– Negotiations remain fragile, with Iran expecting a ceasefire between Israel and Lebanon as well before proceeding further with the de-escalation of the conflict, while the US/Israel are insisting that this condition was not part of the ceasefire deal.
– The 380cst and 180cst ex-wharf prices eased to a 10-session low at $636/mt and $633/mt on Apr. 8, respectively. Bunker demand stays firm for now, according to market sources.
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