SINGAPORE: Asia's 180-centistoke (cst) fuel oil's discount to Dubai crude closed at $1.75, its narrowest in about a week, but current fundamentals were weaker compared with a month ago as supplies were comparatively higher.
- Singapore cash deals were thin, with two deals done.
- Cash deals have been slower overall recently, with total volumes traded in July pegged at about 1.22 million tonnes against more than 1.3 million tonnes in June.
- Since the start of August, 320,000 tonnes of fuel oil of 180-cst and 380-cst grades were traded versus 420,000 tonnes for the first five trading sessions in July.
OTHER NEWS
- Royal Dutch Shell is considering expanding the capacity of one of its German refineries to make oil products that meet an upcoming cap on the sulphur content of fuels used in shipping.
- The International Maritime Organization, the United Nations' shipping agency, set global regulations in late 2016 to cap sulphur content in shipping fuel at 0.5 percent, versus the current 3.5 percent, from 2020.
- In Japan, JX Nippon Oil & Energy, Cosmo Oil and Taiyo Oil have halted marine shipments due to a typhoon.
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