European High Sulfur Fuel Oil (HSFO) saw modest gains over the fortnight, with the May’25 3.5% barge crack rising from -$4.45/bbl on 14 Mar to -$4.15/bbl by 28 Mar. Onyx COT data showed small buying flows in the May’25 3.5% barge crack, however, weakness in the front 3.5% barges spreads limited upside in the cracks. May/Jun’25 3.5% barges fell from a fortnightly high of $7.25/mt down to $6.00/mt on 28 Mar, while Jun/Jul’25 traded flat at $7.00/mt. Meanwhile in Asian HSFO, Sing 380 spreads were slightly more supported but showed lacklustre growth overall. May/Jun’25 380 increased from $5.12/mt on 14 Mar up to $6.25/mt, but tapered off to $5.25/mt at the time of writing on 28 Mar. Jun/Jul’25 380 kept more of its gains, rising from an intraday low of $6.50/mt up to $7.50/mt this fortnight, amid 1.18mb of trade house buying against Onyx. May’25 Viscos (Sing 180 vs Sing 380) ultimately inched up from $12.00/mt to $12.50/mt between 14-28 Mar, an indication of slightly stronger Sing 180.
