Fuel Oil Becomes Asia’s Next Cost Shock

OilPrice.com·Oct 24, 2026 · 4:00 PM CT

Readthrough summary

Singapore's shipping-fuel market is adding cost to Asian trade, as disrupted Middle East and Russian supplies and high freight rates push high-sulphur fuel oil above the price of the crude used to make it. The November HSFO crack against Dubai crude topped $10 a barrel in mid-October versus a roughly $5 discount before the war. Seasonal Gulf supply and more Chinese export quotas could ease very-low-sulphur fuel oil by year-end.

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