World News
More Russian Fuel oil Heading East: Report
The trend for Russian fuel oil to head east to Asian markets accelerated in October, a commodities report has said.
Russia loaded more than 2.1 million metric tonnes of residual product (including vacuum gas oil as well as fuel oil) for Asia in October, according to S&P Global Market Intelligence as cited by economic news provider Mint.
The above figure accounts for half of all fuel oil seaborne exports from Russia whereas the same percentage of dirty product exports going to Asia hovered around 14% in the first half of 2022.
Just under half of the 2.1 million mt went to southeast Asia with China and India also big takers of Russian product, the report said.
Russian fuel oil exports are expected to come under pressure early next year when the European Union's proposed ban on Russian fuel oil exports to the EU comes into force.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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