Stalled peace talks drive crude prices higher, lifting Asia Fuel Oil prices
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Cash differentials for Asia 380cst HSFO averaged around $15/mt over Apr. 27–30, down from an average of around $17/mt week-on-week. Asia 180cst HSFO cash differentials averaged around $20/mt over the same period, up from $18.80/mt week-on-week.
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Asia 380cst HSFO outright prices averaged around $675/mt over Apr. 27–30, while Asia 180cst HSFO outright prices averaged around $687.25/mt over the same period, up from weekly averages of $611/mt and $619.35/mt respectively.
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Cash differentials for Asia LSFO averaged around $23/mt over Apr. 27–30, up from $21.80/mt week-on-week. Outright prices averaged around $753.65/mt over the same period, up approximately $79/mt week-on-week.
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With negotiations between the US/Israel and Iran stalled and the Strait of Hormuz remaining closed, crude prices have trended higher, lifting product prices in tandem.
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Most market participants believe that supply tightness concerns are gradually easing, supported by the flow of Russian cargoes into the Asian market. However, supply tightness may creep in amid lighter refining yields.
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The 380cst and 500cst ex-wharf prices climbed to averages of around $671/mt and $668/mt respectively over Apr. 27–29, up from week-on-week averages of $605/mt and $602/mt.
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