The HSFO market in Houston for much of 2023 had been flush with supply, sources said due to lower refinery run rates for the first part of the year, as well as an increase in Mexico HSFO production and exports to the USGC.
The tightness on HSFO blending components could impact the market further as the market can start to see tightness in HSFO supply. "Components for blending are scarce and too expensive," a source said. Not only did the HSFO flat price reached a near two year high of $64.63/b on June 27, but cracks were also supported by falling crude values as ICE Brent hit a recent low on June 27 of $72.62/b. Platts assessed the physical USGC HSFO/Brent crack on June 27 at minus $7.61/b, its highest level since it was assessed at minus $7.28/b on Sept.
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