Refiners Reap Benefits from Russian Sanctions Fallout

Refiners are enjoying the highest premium for fuel oil in two years thanks to tighter supply resulting from lower Russian shipments of the heavy product, Bloomberg has reported, citing data from Asia. According to the report, the normally unattractive oil product, which is also among the cheapest products from a barrel of crude, has suddenly become attractive as the supply of fuel oil from Russia has shrunk considerably because of Western sanctions on Moscow. The surge in natural gas prices has also helped significantly, prompting some utilities…