Marine fuels: Hi-5 spread strength

Having disappointed for much of last year due to the Covid-19 impact and OPEC+ production cuts, the VLSFO- HSFO (Hi-5) spread is now back above $100/t. We believe the spread should be well supported as we move through the year. But much will depend on how quick OPEC+ brings back output, along with Chinese VLSFO production growth.

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