Asia’s very low sulphur fuel oil (VLSFO) market slipped further on Thursday, while inventories at Singapore built to a two-month high, latest official data showed.
Stockpiling grew amid expectations of tighter supply into December, with less finished products slated to land in Asia.
Uncertainty continued to linger around supplies out of key exporter Kuwait to Asia, following recent operational issues at the Kuwait Al Zour refinery.
There were no inflows from Kuwait to Singapore onshore tanks in the week to Nov. 22, based on Enterprise Singapore data.
The 0.5% VLSFO cash premium MFO05-SIN-DIF for 0.5% VLSFO eased to $23 a metric ton, while refining margin LFO05SGDUBCMc1 softened to a premium of $13.27 a barrel.
In tenders, Taiwan’s Formosa offered 40,000 tons of VLSFO for loading from Mailiao between Dec. 15 and 17. The tender closes on Friday with same-day validity.
SINGAPORE INVENTORIES O/SING1
Onshore fuel oil stocks STKRS-SIN edged 14.9% higher at 20.12 million barrels (3.17 million metric tons) in the week to Nov. 22, the latest data from Enterprise Singapore showed.
Source: Hellenic Shipping News
