Fuel Oil Price Chart, News, Historical and Forecast Data Report 2024
North America Fuel Oil Price Movement Q4:
Fuel Oil Prices in United States:
The fuel oil prices in the USA reached 1047 USD/MT in December of the previous year. In early 2024, North American fuel oil prices experienced notable fluctuations, primarily driven by supply issues and rising inflation. During the first quarter, prices surged in response to scheduled production cuts by OPEC+ and heightened inflationary pressures, closely following the upward trajectory of crude oil prices. However, by the second quarter, the market began to stabilize as US gasoline and distillate stockpiles unexpectedly increased, indicating lower-than-anticipated demand from downstream sectors. Additionally, expectations of delayed interest rate cuts by the US Federal Reserve, which bolstered the US dollar, further contributed to moderating fuel oil prices. Consequently, the market showed a sluggish performance towards the end of the second quarter, with supply and demand gradually finding balance.
APAC Fuel Oil Prices Movement Q4:
Fuel Oil Prices in China:
In December of the previous year, the price of fuel oil in China settled at 758 USD/MT. In early 2024, fuel oil prices in Asia experienced significant fluctuations, closely mirroring the trends seen in crude oil markets. This volatility was largely driven by geopolitical tensions, particularly the ongoing Israeli war and Houthi pirate attacks in the Red Sea, which severely disrupted crude oil supply chains. These events led to concerns over availability and increased uncertainty in the region, prompting traders to adjust their expectations and pricing strategies. As a result, the constrained supply of crude oil directly impacted fuel oil availability, contributing to rising prices and heightened market volatility across Asia during this period.
Europe Fuel Oil Prices Movement Q4:
Fuel Oil Prices in Germany:
In Germany, the fuel oil price reached 1237 USD/MT by the end of December of the previous year. Fuel oil prices in Europe experienced a significant rise due to the ongoing Russia-Ukraine conflict, which led to production disruptions from drone attacks on Russian oil refineries. This turmoil created supply shortages, exerting upward pressure on fuel oil prices across the continent. However, as the situation evolved, the influx of cheaper Russian oil, which found new markets in India and China, began to stabilize the European fuel oil market. Additionally, production cuts announced by OPEC helped prevent further price spikes, allowing prices to stabilize despite the geopolitical uncertainties. Ultimately, these factors contributed to a more balanced supply and demand scenario in the European fuel oil market.
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How IMARC Pricing Database Can Help
The latest IMARC Group study, “Fuel Oil?Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data 2024 Edition,” presents a detailed analysis of fuel oil price trend, offering key insights into global fuel oil market dynamics. This report includes comprehensive price charts, which trace historical data and highlights major shifts in the market.
The analysis delves into the factors driving these trends, including raw material costs, production fluctuations, and geopolitical influences. Moreover, the report examines fuel oil demand, illustrating how consumer behavior and industrial needs affect overall market dynamics. By exploring the intricate relationship between supply and demand, the prices report uncovers critical factors influencing current and future prices.
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