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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,328
1624hr
Pakistan Cases
1,266,826
62224hr
1.4% positivity
Sindh
466,750
Punjab
438,433
Balochistan
33,149
Islamabad
106,571
KPK
177,132

SINGAPORE: Fuel oil cracks for both 0.5% very low-sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) dipped on Monday after crude prices gained for a fifth day and as the bullish sentiment that sent the residuals market soaring over the past month eased.

While fuel oil continues to benefit from strong demand and tight supply, "structural constraints mean the upside to demand may not be as strong as some in the market believe," said Energy Aspects in a note released on Monday.

"But it will likely be a month or two until there is any meaningful supply response from improving refining margins, leaving space for fuel oil cracks and time-spreads to remain strong," said the research consultancy.

Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.

Overall floating storage inventories for residual fuel in the Malacca Strait rose to a two-week high in the week ended Sept. 22 as stockpiles of VLSFO and HSFO climbed, according to data intelligence firm Kpler.

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