US fuel oil stocks in the first quarter of 2023 reached their highest levels since April 2020. Traders have had to alleviate their oversupply by exporting, though high freight rates have made profits more difficult to find.

In this Oil Markets episode, Americas fuel oil experts Beth Brown and Patrick Burns sit down with Americas shipping experts Catherine Rogers and Catherine Kellogg to discuss how traders have had to shift routes and export heavier material to find an open arbitrage.

Prices in this episode:

PUAFZ00 (USGC HSFO)

TDUCG00 (Dirty USG-UKC Aframax)