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2025-07-28 18:10:14
[Behind the calm of the oil market, undercurrents are surging. What are the giants planning? ] ⑴ The Asian fuel oil spot market was sluggish, the spot premium and discount did not change much, and the overall momentum was insufficient. ⑵ The offer price of very low sulfur fuel oil (VLSFO) has weakened, resulting in a slight decline in its premium and discount. ⑶ The bid gap between buyers and sellers of high sulfur fuel oil (HSFO) is still large, and the premium and discount remain at a discount. ⑷ The Hi-five spread remained at a wide range of about US$88 per ton, reflecting the weakness of the high sulfur fuel oil market. ⑸ Philips 66 plans to operate its refineries at 90%-95% of its integrated capacity in the third quarter, indicating its optimism about the future market. ⑹ On the other hand, India's crude oil imports in June fell 4.7% month-on-month to 20.32 million tons, a new low since February, which put pressure on oil prices. ⑺ In addition, Venezuela's state-owned oil company PDVSA is preparing to restart its joint venture, while Qatar has threatened to cut off natural gas supplies to the European Union. ⑻ Although the Asian market appears calm on the surface, changes in global supply and demand and geopolitical factors are quietly affecting the future trend of the oil market.
