Fuel oil benchmarks were broadly stable in Asia on Thursday, while latest data showed that onshore stockpiles at Singapore dipped after four straight weeks of builds.
But despite the weekly drop, the inventories remained ample, averaging 20.03 million barrels a week in June and higher than May’s average of 18.09 million barrels a week.
Most of the inflows came from Brazil and the United States, as well as from Indonesia, official data from Enterprise Singapore showed.
Meanwhile, spot premiums for High Sulphur Fuel Oil (HSFO) and Very Low Sulphur Fuel Oil (VLSFO) were little changed on Thursday amid largely thin trade.
Refining margins closed slightly higher amid weaker crude prices in Asia trading hours. Front-month cracks for 380-cst HSFO rose to discounts of about $5.70 a barrel, while VLSFO cracks closed at premiums of around $10.90 a barrel.
In tenders, Taiwan’s CPC offered catalytic fractionator bottom (CFB) fuel for loading towards late July, a notice on its website showed.
Source: Hellenic Shipping News
