Post #2932

⛽️Fuel prices are skyrocketing across the world: Fuel oil prices in Singapore, the world's most important refueling port, are up to a record $140 per barrel. This marks a +146% surge since the start of the year. Prices have now surpassed the 2008 Financial Crisis and the 2022 energy crisis peaks. In Fujairah, a key refueling port in the UAE just outside the Strait of Hormuz, prices are up to ~$160, with certain fuel types trading as high as $175 per barrel. By comparison, WTI crude is trading at ~$195, meaning fuel oil carries a +40% to +75% premium over crude. Typically, fuel oil prices track crude with a small premium for refining costs, but that relationship is now completely broken. Elevated fuel oil prices are putting extreme pressure on the global economy. 🔗Kobeissi Letter