Fuel Oil Prices December 2023
Product
|
Category |
Region |
Price |
Fuel Oil |
Others |
USA |
1047 USD/MT |
Fuel Oil |
Others |
China |
758 USD/MT |
Fuel Oil |
Others |
Germany |
1237 USD/MT |
The fuel oil prices in the USA reached 1047 USD/MT in December 2023.
In December 2023, the priced of fuel oil in China settled at 758 USD/MT.
In Germany, the fuel oil price reached 1237 USD/MT by the end of December 2023.
Fuel Oil Price Trend, Market Analysis, and News
IMARC's latest publication, “Fuel Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the fuel oil market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of fuel oil at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed fuel oil price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting fuel oil pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.
![Fuel Oil Price Trend](https://www.imarcgroup.com/CKEditor/c36a4297-69b7-443f-9cbf-09f4685b9d26pricing-reports.webp)
Fuel Oil Market Analysis
The global fuel oil market size reached US$ 190 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 260.3 Billion, at a projected CAGR of 3.56% during 2023-2032.
- Rapid economic expansion in both emerging and developed economies is pushing up demand for fuel oil. Nations' energy needs are growing to sustain industrial activity, transportation, and infrastructural development. Global energy consumption increased by 2.1% in 2022. Additionally, there was a 15% increase in fossil fuel investment between 2021 and 2023. Urbanization and growing living standards are also driving up energy demand, hence boosting the fuel oil industry. Aside from that, economic policies boosting industrialization and infrastructure projects are accelerating demand, assuring the market's consistent growth trajectory.
- Fuel oil is a crucial energy source for numerous industrial processes, especially in the manufacturing, power generation, and petrochemical sectors. According to the United Nations Industrial Development Organization (UNIDO), there was a 2.3% growth in the industrial sector in 2023. Industries rely on fuel oil for its high energy content and cost-effectiveness. The growth of industries, as well as the modernization of existing industrial facilities, is driving the demand for fuel oil. Additionally, seasonal variations and peak energy demands in industrial activities are also contributing to the market growth.
- The shipping industry is a significant consumer of fuel oil, particularly heavy fuel oil (HFO) used in large vessels. Global trade expansion and increasing maritime transportation of goods are driving the demand for marine fuel. According to the IMARC Group, the ship building sector is expected to grow at a rate of 3.07% annually, reaching US$ 207.6 billion by 2032. Additionally, the significant growth of international trade routes, the expansion of shipping fleets, and the construction of larger vessels to meet rising trade volumes are further propelling the market growth.
- Innovations in fuel oil production, refining technologies, and fuel efficiency enhancements are contributing to the market growth. Advancements in refining processes, which improve the quality and yield of fuel oil, making it more competitive, are acting as another growth-inducing factor. Besides this, the introduction of technologies that enhance combustion efficiency and reduce emissions, making fuel oil more environmentally acceptable, is fueling the market growth. Additionally, the ongoing research into alternative uses and blends of fuel oil with biofuels or other energy sources is also driving the market dynamics.
Fuel Oil News
The report covers the latest developments, updates, and trends impacting the price of fuel oil, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the fuel oil price trend.
Latest developments in the fuel oil industry:
- In October 2023: Exxon Mobil announced its plan to acquire Pioneer Natural Resources, a leading hydrocarbon exploration company, in an all-stock deal of $59.5 billion.
- In October 2023, Chevron acquired Hess Corp., a leading oil, gas, and energy company for $53 billion. Under this acquisition, Chevron will get a major oil field in Guyana and shale properties in the Bakken Formation in North Dakota.
Product Description
Fuel oil is a fraction obtained from petroleum distillation, either as a distillate or a residue. It is known for its high energy content and is a critical energy source for various industrial and commercial applications. It comes in various types like heavy fuel oil (HFO), marine gas oil (MGO), intermediate fuel oil (IFO), light fuel oil (LFO), residual fuel oil, and distillate fuel oil.
Its chemical and physical properties include density (0.85 to 1.00 g/cm³), boiling point (175 to 600°C), flash point (60 to 93°C for lighter oils, over 120°C for heavier oils), and sulfur content (between 0.5% and 3.5%). The manufacturing process of fuel oil involves multiple steps like distillation, cracking, blending, desulfurization, and hydroprocessing.
It is used in power generation, marine transportation, industrial boilers, residential heating, backup generators, asphalt production, chemical manufacturing, agricultural dryers, mining operations, and railway locomotives. Fuel oil is lauded for its high energy density, cost-effectiveness, reliability, versatility, high efficiency, and easy availability.
Regional Coverage
The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the fuel oil price trend.
Global Fuel Oil Price
The report offers a holistic view of the global fuel oil pricing trends in the form of fuel oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of fuel oil, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed fuel oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.
Europe Fuel Oil Price
European fuel oil prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.
Detailed price information for fuel oil can also be provided for an extensive list of European countries.
Region |
Countries Covered |
Europe |
Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Fuel Oil Price
The analysis of fuel oil prices in North America delves into the regional industry dynamics, encompassing the impact of local production and the trade flows between North America and other significant global markets.
Specific fuel oil historical data within the United States and Canada can also be provided.
Region |
Countries Covered |
North America |
United States and Canada |
Middle East and Africa Fuel Oil Price
The report explores the fuel oil pricing trends in the Middle East and Africa, considering factors like the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
Region-wise data and information on specific countries within these regions can also be provided.
Region |
Countries Covered |
Middle East & Africa |
Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Fuel Oil Price
The fuel oil pricing trends in the Asia Pacific are examined, reflecting the role of the region as a major global producer and consumer of agricultural products, with price dynamics heavily influenced by supply chain efficiencies, regional demand surges, and policy shifts in major economies.
This fuel oil price analysis can be expanded to include a comprehensive list of countries within the region.
Region |
Countries Covered |
Asia Pacific |
China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Fuel Oil Price
The analysis of fuel oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.
This comprehensive review can be extended to include specific countries within Latin America.
Region |
Countries Covered |
Latin America |
Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
Key Attributes |
Details |
Product Name |
Fuel Oil |
Report Features |
Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Fuel Oil Price Analysis, and Segment-Wise Assessment. |
Currency/Units |
US$ (Data can also be provided in local currency) or Metric Tons |
Region/Countries Covered |
The current coverage includes analysis at the global and regional levels only.
Based on your requirements, we can also customize the report and provide specific information for the following countries:
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece*
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*
Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*
*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
Information Covered for Key Suppliers |
- Company Overview
- Business Description
- Recent Trends and Developments
|
Customization Scope |
The report can be customized as per the requirements of the customer |
Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
- Scope
- Historical Data for the Current Month
- Forecast for Next Month
- Total Deliverables Per Year: 12 (One Per Month)
- Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year
Plan B: Quarterly Updates - Annual Subscription
- Scope
- Historical Data for the Current Quarter
- Forecast for Next Quarter
- Total Deliverables Per Year: 4 (One Per Quarter)
- Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year
Plan C: Biannually Updates - Annual Subscription
- Scope
- Historical Data for the Current Half
- Forecast for the Next Half
- Total Deliverables Per Year: 2 (One Per 6 Months)
- Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year
|
Post-Sale Analyst Support |
360-degree analyst support after report delivery |
Delivery Format |
PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of fuel oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
- The study examines factors affecting fuel oil price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The fuel oil price charts ensure our clients remain at the forefront of the industry.