Asia’s Very Low-Sulphur Fuel Oil (VLSFO) market gained on Thursday after stocks at key trading hub Singapore plunged to the lowest in five-and-a-half years.
Cash premiums for VLSFO rose by 41 cents to $8.16 a metric ton. Cash differential for 180-cst HSFO was pegged at a premium of $7.36 a ton, while the premium for 380-cst traded at $7.48 per ton.
Inventories for fuel oil STKRS-SIN lost 17.46% weekly to log 15.778 million barrels (2.48 million metric tons), the lowest after the week ended Oct 31, 2018, Enterprise Singapore data showed.
Net imports rose 568,326 tons, or 186.1% week-on-week to stand at a two-week high of 873,675 tons. Total imports more than doubled to about 1,091,367 tons.
Source: Hellenic Shipping News
