The price of fuel oil fluctuates frequently and considerably. 

From 2010 to April 2020, the price of Singapore 380 CST 

fuel oil (in USD per metric ton) swung between $743 and 

$101; the annual price variation was as high as 156%. 

At the start of 2016, the Asian market had an oversupply 

of fuel oil that was expected to persist, pushing the spot 

price to the decade-low of $130. Price then rebounded 

to $500 in the fourth quarter of 2018, but fell again in 

2019, to $209, due to the China-US trade dispute and the 

transition from HSFO to LSFO. The price stayed at a low 

level until the end of 2019, when it was buoyed by a surge 

of interest in desulfurization equipment and secondary 

refining. As the price of LSFO rose with its market share, 

it has diverged from the pricing trend of 380 CST fuel 

oil, with spread reaching as high as $327 per metric ton. 

At the start of 2020, demand for oil was decimated by 

the global outbreak of Covid-19. And as the OPEC+ talk 

on production cut failed, the price of fuel oil plummeted 

with the falling global crude oil price. In particular, prices 

of 380 CST and LSFO dived from $350 and $650 at the

beginning of the year to $110 and $170 at the end of April, 

respectively

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