Russia exported less fuel oil in January as domestic utilities snapped up fuel oil cargoes, which were cheaper than natural gas, industry sources told Reuters. Russia’s fuel oil exports dropped more than 20 percent on the month in January due in part to a higher export duty and lower global prices. “Prices were falling last January too, but not that much,” said a source with an oil company. Prices in January were almost 45 percent lower than a year ago, according to Reuters data. That made fuel oil more attractive for utilities than natural gas, which they receive predominantly under long-term contracts at a fixed price. Refineries are trying to make up for lower exports by luring […]