A type of naturally occurring fossil fuel made from the remains of extinct marine and plant life is known as fuel oil. This complex mixture of hydrocarbons contains varying amounts of carbon, hydrogen, and other trace elements. To reach underground resources, drilling is frequently employed in the fuel oil extraction process. Because of a variety of qualities, this oil is valuable and practical. It is a significant energy source for several enterprises and transit networks while being exceedingly explosive.
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The density and viscosity of the oil can change which has an impact on its flow and handling. The processing of the oil and its effects on the environment can both be impacted by sulfur and other pollutants.
Key Details About the Fuel Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Fuel oil price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The fuel oil price trend, including India Fuel oil price, USA Fuel oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Fuel Oil Price Trend:
For many industrial applications, fuel oil is an essential resource. It is a fossil fuel that is drawn from underground geological storage. Making transportation fuels like jet fuel, diesel, and petrol is one of the main uses of this oil. These fuels power automobiles, trucks, ships, and aircraft, assisting the global transportation systems. It serves as a crucial feedstock for the petrochemical industry as well. In addition, it is employed to make waxes, greases, and lubricants. These products give machinery and equipment essential lubrication and protection. Fuel oil is also used to make asphalt. Road building and paving both include the use of asphalt. In addition, it is employed as a fuel for heating in domestic, business, and industrial contexts.
Key Players:
- BP plc
- Exxon Mobil Corporation
- PetroChina Company Limited
- SINOPEC Fuel Oil Sales Corporation Limited
- Royal Dutch Shell Plc
News & Recent Development
- 22 May 2023: Asia to drive oil demand growth in second half, says Vitol- According to a senior executive at Vitol (VITOLV.UL), Asia will have the second half of the year’s fastest growth in oil consumption, increasing by almost 2 million barrels per day (bpd), which may cause a supply deficit and raise prices. International benchmark Brent crude has decreased from a height of about $140 per barrel in March of last year, right after the disruption brought on by oil producer Russia’s invasion of Ukraine, to about $75 per barrel today.
Read Also: https://cityoftips.com/2023/06/08/formic-acid-price-chart/
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Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence, providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.
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