Global Fuel Oil Shortage Deepens as Middle East and Russia Supplies Collapse

A global fuel oil shortage is deepening, with supply from the Middle East and Russia both reported to have collapsed, according to the headline from OilPrice. The transmission runs through physical supply disruption and the crack spread: when heavy residual fuel becomes scarce, refiners and bunker suppliers face higher input costs, and the premium for high-sulfur fuel oil over crude widens. Exposure is concentrated in fuel oil futures and swaps, marine bunker pricing in Singapore and Fujairah, and refining margins for complex refiners that run heavy sour crude. Freight and shipping costs may also come under pressure as vessels reroute to secure bunker supply. Traders should watch weekly inventory data from Singapore enterprise stocks and Fujairah storage levels, along with any official Russian export volume figures, for confirmation of whether the shortfall is persisting.

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