Fuel Oil Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Fuel Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Fuel Oil Price Trend for the Second Half of 2023

Fuel Oil prices were observed to vary throughout the said period of the second half of 2023. After OPEC+ decided to stabilize the falling costs by holding the stocks, the fuel oil prices started inching up in the third quarter, particularly in the import-dependent markets of Asia and Europe. The discounted Russian oil was also not as cheap anymore. Thus, the fuel oil prices wavered high and continued to incline in the Chinese market in the fourth quarter as well.

Fuel Oil Price Chart

Please Login or Subscribe to Access the Fuel Oil Price Chart Data
 

In the Chinese fuel oil market, the prices went from about 684 USD/MT in July '23 to about 750 USD/MT in December '23. However, the European fuel oil market declined in the last quarter after inclining in the third quarter of 2023. The last quarter's decline in the European market was primarily attributed to the increased inventory stocks and trade disturbances owing to geopolitical conflicts.

Analyst Insight

According to Procurement Resource, the Fuel Oil price trends are likely to grow further going forward; since the fuel oil market is directly dependent on the crude oil market, the prices will grow along with the crude oil prices.

Fuel Oil Price Trend for the First Half of 2023

Fuel Oil is a petroleum distillation product used for energy production in various applications. Since it is derived from crude petroleum oil, it closely follows the crude oil market behavior. During the first half of the year 2023, the Fuel Oil market exhibited mixed price trend. In the Asian market, where cheap Russian oil was continuously supplied even during the peak Covid times, the high levels of inventories kept the Fuel Oil prices down, mainly in India and China.

On the other hand, the European Fuel Oil market had also started stabilizing after the economic turmoil inflicted by the Russian war. Further, the steady normalization in supply chains and other trade situations aided the price trend for Fuel Oil. Overall, mixed market sentiments were observed.

Analyst Insight

According to Procurement Resource, the Fuel Oil market is likely to continue fluctuating as per the uncertain demands from the consumer sectors.

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.