Asia’s fuel oil market was steady to softer on Thursday, with spot premiums for 0.5% low sulphur fuel oil (VLSFO) dipping further, while Kuwait offered more high sulphur fuel oil (HSFO) for October.
Singapore cash premium for VLSFO was pegged lower at about $16.20 a metric ton to cargo quotes on Thursday. Meanwhile, VLSFO cracks for October eased to premiums of around $11.25 a barrel, based on LSEG’s data.
HSFO market for the 380-cst grade was little changed, though the market also eyed recovering supplies from the Middle East as the region exits peak summer demand.
Kuwait’s KPC offered two more parcels of HSFO for loading in October via a tender that closes on Thursday, showed shipping records. This came on top of another parcel for loading in early October, which was offered via a tender that closed last week.
Inventories at Singapore also recovered this week, led by higher inflows from the United Arab Emirates, though the onshore stockpiles continued to average lower in September versus August, official data showed.
