Singapore VLSFO 20% lower than 12 months ago

Singapore VLSFO prices have fallen even further over the past month, to their lowest levels since last June.

The driving force behind this continual slide in prices is the bearish fundamentals in the oil market. There have been short-term ‘interruptions’ in this decline, largely from war-related developments in Ukraine/Russia and Gaza. Though the market has continually come back to focus on the bearish oil fundamentals outlined for this year and next year, especially by the IEA.