(1) Fluctuation of international crude oil price. Because 

fuel oil is produced from crude oil, its price is inextricably 

linked to the international crude oil price.

(2) Global shipping market. As one of the biggest 

consumers of fuel oil, the shipping industry directly affects 

the demand for fuel oil and, by extension, the price. 

In general, demand by the shipping industry is greatly 

influenced by international politics, regional economic 

development, and global trade flows.

(3) Supply and demand of the Singapore market. 

Singapore is the world’s largest fuel oil bunkering and 

trading hub. As a result, the size of arbitrage supply, sales 

volume, and inventory will all influence the price of fuel oil.

(4) Environmental policies. IMO’s 2020 global sulfur limit is 

expected to significantly alter the consumption landscape 

of bonded marine fuel. The addition of desulfurization 

equipment and the wider use of LSFO, MGO, LNG, or 

other clean energy options would markedly increase the 

cost of fuel for ships, thus creating sharp price fluctuation. 

Future IMO and governmental policies on ship emissions 

are also likely to significantly affect the demand for fuel oil.

(5) Exchange rates. Internationally, fuel oil/diesel trades 

are denominated in US dollars, therefore changes in 

exchange rates against USD will inevitably influence the 

price of low sulfur fuel oil futures.

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