Published 2026-09-15
**15 September — Brent 107.08, WTI 102.89, EUA €87.99/t.** The board split. Rotterdam, Houston and Fujairah came off on every grade while Singapore and the Baltics went the other way. Rotterdam: VLSFO 708.38 (−21.62), HSFO 605.13 (−25.87), MGO 1363 (−109.50). Houston fell further: MGO −159 to 1320.50, VLSFO −41.33 to 756.17, HSFO −22.33 to 535.17 — the lowest move-confirmed HSFO print on the board. Fujairah MGO −131 to 1477.50. Against that, Singapore rose on all three grades — HSFO +83.90 to 766, MGO +161 to 1428, VLSFO +27.87 to 895 — and Baltiysk MGO added 275.50 to 1809.75, the largest move on the board. Qingdao VLSFO +163 to 932.25. Zhoushan MGO 1294 (−22) is the cheapest MGO print, 134 under Singapore (1428 − 1294).
The spread worth running the arithmetic on: Singapore VLSFO 895 against Rotterdam 708.38 is 186.62/mt, which on a 1,200 t stem is 223,944 of headline difference. One day's deviation at 15,000/day hire takes 15,000 off the top — 6.7% — leaving 208,944, and at Rotterdam's 708.38 that buys 295 t of steaming fuel (208,944 ÷ 708.38). Every tonne burned getting there comes off that allowance; past 295 t the spread is spent. Note the MGO leg of the same pair is only 65/mt (1428 − 1363), a fraction of the VLSFO number — the case rests on the residual grade, not the distillate.