Fuel Oil Price Trend

In December 2021, fuel oil prices were recorded at 793 USD/MT in China. The oil market appeared to be on a firmer footing in December 2021 than it had been in some time. With world oil supply beating demand in December, much-needed relief for tight markets was on the way. The Covid-19 Omicron variant's appearance at the end of November prompted a sharp drop in oil prices, but immediate pessimism had given way to a more measured reaction. Despite this, Brent crude was trading about 75 USD/bbl at the time of writing, down about 10 USD/bbl from the beginning of November.

The invasion of Russian forces into Ukraine on February 24, 2022, resulted in an increase in oil prices by 8 USD/bbl to USD 105/bbl following the news, on fears that sanctions against Russia will stifle oil exports.

Procurement Resource Database

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Procurement Resource provides latest prices of Fuel Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description

Procurement Resource provides prices of Fuel Oil for several regions around the globe, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

About Fuel Oil

Fuel Oil is any liquid fuel, obtained from petroleum distillation, that is burned in a furnace or boiler for generating heat or for use in an engine for power generation.  Fuel Oil is obtained from the burnable liquids derived from crude oil. It is used to heat up homes and fuel trucks, light up furnaces, produce steam for industrial uses and for generating electric energy. It is used to run home heating equipment including furnaces and boilers and can be used to power different types of engines, lamps, and stoves. 

Synonyms:

  • Heavy oil
  • Marine fuel
  • Furnace oil

Industrial Uses

  • Electricity Generation
  • Machinery
  • Liquid Fuel

Production Processes

  • Production of Fuel Oil via Petroleum Distillation

In order to produce Fuel Oil, the process of petroleum distillation is utilised. In this process, a fraction is obtained either in a form of a distillate or as a residue, which is further used to produce Fuel Oil.

Supplier Database

  • BP plc
  • Exxon Mobil Corporation 
  • PetroChina Company Limited
  • SINOPEC Fuel Oil Sales Corporation Limited  
  • Royal Dutch Shell Plc

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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