Will high-sulfur and low-sulfur fuel oil spreads diverge in 2025?
For buyers, the practical takeaway is to watch the cracking spread, not just outright prices. When low-sulfur cracking holds above $15 per barrel, refiners steer components to diesel and starve the bunker pool. Once it falls back toward $11-13, that diversion pressure eases and low-sulfur supply loosens. That single number often matters more than the headline crude move.
