US Gulf Coast 3% sulfur fuel oil jumped $2.25 on Thursday to an eight-month high of more than $94/barrel following a spike in crude oil and swaps prices.
Gulf Coast HSFO was assessed at $94.08/b following activity in the Platts Market on Close assessment process, during which Glencore bid for Gulf Coast HSFO up to $94.05/b and was sold to by Valero for 50,000 barrels delivering June 19-21.
Gulf Coast HSFO rose by the largest amount from the previous day since rising about $2.35/b in late August, Platts data show. Furthermore, the hi-lo -- or New York Harbor LSFO's premium to Gulf Coast HSFO -- narrowed to $2.79/b, the lowest since October 21, when it was $1.90/b.
Front-month Brent rose nearly $3/b while the Gulf Coast HSFO swap jumped more than $1.50/b.
