Asia’s very low sulphur fuel oil (VLSFO) market eased on Thursday after earlier gains in the week, while inventories at Singapore rose to a four-week high.
Cash premium MFO05-SIN-DIF dipped to $7.75 a metric ton, while October crack fell to a premium of $7.33 a barrel at 0830 GMT.
Ample supply inflows continued to cap the overall fuel oil market. Singapore’s net fuel oil imports nearly doubled week-on-week, showed Enterprise Singapore data on Thursday.
Meanwhile, high sulphur fuel oil (HSFO) margins steadied on Thursday, with October crack for 380-cst HSFO climbing to a discount of $13.06 a barrel at the Asia close.
SINGAPORE INVENTORIES
Onshore fuel oil stocks STKRS-SIN were up 5% at 21.86 million barrels (3.44 million metric tons), hitting four-week highs, data from Enterprise Singapore showed.
The uptick came as weekly net imports, which are calculated by subtracting total exports from total imports, nearly doubled week-on-week at 1.01 million tons.
The United Arab Emirates remained the top origin for Singapore’s fuel oil imports at 274,000 tons, followed by Brazil at 227,000 tons.
Source: Hellenic Shipping News
