Oil prices remain weak due to oversupply, modest demand, and expectations of inventory builds in Q4, with OPEC+ adding barrels to the market. A potential peace agreement in Ukraine could further lower prices by removing the geopolitical risk premium.
HSFO has fallen to a fairer value versus Brent as seasonal demand eases, while distillates stay tight due to low inventories and Russian export uncertainties. Looking ahead, current levels offer good hedging opportunities, with backwardation favoring future purchases.