Fuel oil cash differentials were steady to higher in Asia on Thursday, while onshore inventories dipped for a third straight week, latest data showed.
Singapore’s 0.5% very low sulphur fuel oil cash differential rose to a premium of $17.19 a ton, while refining crack climbed to a premium of $9.73 a barrel.
Meanwhile, 380-cst high sulphur fuel oil cash differential was relatively steady at a discount of $1.05 a metric ton, while refining crack was flat at a discount of $14.05 a barrel.
In tenders, Kuwait’s KPC offered HSFO for end October loading, closing on Thursday.
SINGAPORE INVENTORIES
Onshore fuel oil stocks fell 7.2% to 17.97 million barrels (2.83 million metric tons), hitting three-month lows, data from Enterprise Singapore showed.
A strong market backwardation continued to spur selling interest, with the balance-October/November timespread pegged at $20 a ton on Thursday.
Malaysia was the top origin for Singapore’s net fuel oil import volumes at 263,000 tons in the week to October 11, while China was the top destination for net fuel oil export volumes at 100,000 tons, the data showed.
Source: Hellenic Shipping News
