Spot fuel oil markets were broadly stable on Thursday, while weekly inventories at Singapore drew lower as net imports eased.
Singapore cash premium for very low sulphur fuel oil (VLSFO) was pegged slightly below $5.50 a metric ton, reflecting largely rangebound bids and offers from the previous day.
Meanwhile, 380-cst HSFO was pegged at $13.25 a metric ton, reflecting a slightly narrower backwardation day-on-day.
Onshore fuel oil inventories at Singapore retreated this week after building for two straight weeks. Despite the weekly decline, stockpiles still averaged higher from last month.
Incoming supplies to wider Asia remained heavy in recent weeks, which capped gains in price benchmarks.
Refining margins remained rangebound on Thursday, with VLSFO cracks closing between premiums of $12.50 to $13 a barrel, while 380-cst HSFO cracks closed at discounts of $5.50 to $6 a barrel, based on LSEG data at 0830 GMT.
INVENTORY DATA
– Singapore onshore fuel oil stockpiles STKRS-SIN slipped 7.4% to 16.98 million barrels (about 2.67 million metric tons) in the week to Nov. 20, based on Enterprise Singapore.
