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.
Oil prices have risen dramatically, with benchmark West Texas Intermediate (WTI) crude rising from 71 USD/barrel (bbl) in December 2021 to 109 USD/bbl in May 2022. While U.S. gasoline and diesel stockpiles are running low and refining capacity is constrained, export demand is still high.
In December 2021, the price of fuel oil was 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 towards the end of November, down about 10 USD/bbl from the beginning of the month.
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.
|Product Name||Fuel Oil|
|Industrial Uses||Electricity Generation, Machinery, Liquid Fuel|
|Synonyms||Heavy oil, Marine fuel, Furnace oil|
|Supplier Database||BP plc, Exxon Mobil Corporation, PetroChina Company Limited, SINOPEC Fuel Oil Sales Corporation Limited, Royal Dutch Shell Plc|
|Region/Countries Covered||Asia Pacific: China , India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland , Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
|Currency||US$ (Data can also be provided in local currency)|
|Supplier Database Availability||Yes|
|Customization Scope||The report can be customized as per the requirements of the customer|
|Post-Sale Analyst Support||360-degree analyst support after report delivery|
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.
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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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