Japan Tsunami may push up fuel oil prices

TOKYO (Scrap Monster): The devastating Tsunami in Japan may drive the global fuel oil prices up in the coming months.

The mishap has prompted Japan’s power operators to shut seven nuclear units will drive utility-grade low sulfur residual fuel oil (LSFO) prices higher, Platts reported.

Traders opined that, as 7 nuclear power station are shut down, they have to burn fuel oil, and this could fuel the prices of the fuel oils too.