8 Apr 2021

JBC in the Media - Bloomberg

Unwinding OPEC+ Cuts Helps Send Fuel Oil Margin to 11-Month Low

"'Pressure for HSFO is coming from the gradual uptick in refinery crude intake along with the unwinding of the OPEC+ crude cuts,' said Eugene Lindell, a senior analyst at JBC Energy.

'We expect HSFO cracks to stabilize over the summer on the back of the seasonal uptick in demand for HSFO from power generation in the Middle East, as well as higher demand from the bunker sector.'

'Post-summer, however, we expect growing supplies of HSFO to push cracks lower again.'"