Asia’s refining margins for fuel oil posted monthly declines in August, data showed on Thursday.
September crack for 380-cst high sulphur fuel oil (HSFO) fell by more than 8% through August, closing at a discount of $7.09 a barrel by 0830 GMT.
Meanwhile, the crack for 0.5% very low sulphur fuel oil (VLSFO) slipped by nearly 1% this month, closing at a premium of $9.21 a barrel on Thursday.
The HSFO market had softened after a short-lived rally, while VLSFO weakened due to an ample supply outlook.
Singapore’s 380-cst HSFO cash differential was pegged at a premium of $9.75 a metric ton on Thursday, while cash differential for 0.5% VLSFO fell to a premium of $4.75 a ton.
SINGAPORE INVENTORIES O/SING1
Onshore fuel oil stocks at Singapore eased 10% to 19.92 million barrels (3.14 million metric tons), hitting six-week lows, data from Enterprise Singapore showed.
Weekly net imports, calculated by subtracting total exports from total imports, dipped 7% at 551,000 metric tons.
Brazil was the top origin for Singapore’s fuel oil net imports at 131,000 tons, more than doubling from last week. This was followed by the United Arab Emirates, with net imports at 103,000 tons, though the volume declined from the previous week
Source: Hellenic Shipping News
