Webinar on-demand: Fuel Oil Focus: Cracks, refinery margins, and debunking ECA myths
Our experts delve into current market dynamics, analysing strong cracks, blending strategies, and challenging common assumptions about ECA zones and MGO demand. Originally broadcast on Wednesday, 12 March 2025, this focused session offers valuable insights for traders and analysts.Don’t miss this opportunity to enhance your understanding and make smarter, data-driven decisions in your trading and analysis of the oil market.
Here’s what you will learn
> MED ECA’s impact on VLSFO complex may be less than expected, with 1-2 Suezmaxes of extra low-sulphur material from the MED (to the East).
> MGO likely to dominate 0.1% sulphur fuel use initially, but market likely overestimating the demand upside slightly.
> MED ULSFO market and growing ARA ULSFO market expected, with $50-75 discount to MGO as ideal pricing.
> Refining margins have been strong, especially simple setups, but bearish signs loom, including a weak HSFO market.
> European gasoil supported by arbs, one-off factors, and winter demand, but support to fade medium-term.
> Prompt EBOB market weak, though Q2 shows bullish potential.
Speakers:
Philip Jones-Lux – Commodity Owner: Philip.jones-lux@spartacommodities.com
Philip Jones-Lux is Senior Analyst for Sparta. Having worked with organisations such as JBC Energy and RP Global, Philip is a seasoned energy market analyst with expertise across the oil barrel and power markets
Hoa Nguyen – Commodity Owner – Fuel Oil: hoa.nguyen@spartacommodities.com
Hoa Nguyen brings extensive experience, having led fuel oil analysis at Trafigura and worked across crude, diesel, and APAC power markets. Hoa now leads the development of Sparta’s forward-looking tools for fuel oil and feedstocks.
June Goh – Senior Oil Market Analyst: june.goh@spartacommodities.com
June Goh is a seasoned oil professional, with roles spanning Refining, Trading & Supply and Strategy over her 18 years at Shell. She has done refinery scheduling, crude and feedstock optimisation and market analysis for both short term and long term price forecasting.
Neil Crosby – AVP Oil Analytics: neil.crosby@spartacommodities.com
Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.
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