Spot premium for very low sulphur fuel oil (VLSFO) dipped on Thursday, while onshore stockpiles at Singapore rose for a second consecutive week.
The Singapore cash premium for VLSFO was pegged at $8.25 a metric ton, reflecting competitive offers and a weaker backwardation at the prompt months.
Meanwhile, refining cracks LFO05SGDUBCMc1 dipped below premiums of $13 a barrel at the Asia close, based on LSEG data.
Onshore inventories rebounded for a second consecutive week following a sharp plunge in end-October, data showed on Thursday.
Incoming fuel oil supplies to Asia have recovered in recent weeks, led by strong arbitrage inflows, according to market sources.
SINGAPORE BUNKER SALES
Sales of marine fuel at Singapore rose to a nine-month high in October, led by an increase in container throughput and vessel calls for bunkering, data from Maritime and Port Authority of Singapore showed on Thursday.
Bunker sales totalled 4.88 million metric tons in October, up 11% both month-on-month and year-on-year, the data showed. Biofuel sales maintained the strong momentum seen last month, extending to a record high and breaching 139,000 tons in October.
INVENTORY DATA
– Singapore onshore fuel oil stockpiles STKRS-SIN rose 1.8% to 18.35 million barrels (about 2.89 million metric tons) in the week to Nov. 13, based on Enterprise Singapore.
