SINGAPORE: Asia’s spot fuel oil premiums were little changed in thin trade on Thursday while landed fuel oil stocks at Singapore slumped further to a 12-week low.
Reflecting lower inventories and stable bunkering demand, spot fuel oil premiums in Singapore have found support in recent sessions.
The spot cash premium for 0.5% very low sulphur fuel oil (VLSFO) was at $24.08 a tonne to Singapore quotes, while 380-cst high-sulphur fuel oil (HSFO) was at $4.33 a tonne. Both markets were relatively stable compared with the previous day amid slow trade this week.
Downstream bunker fuel premiums have experienced an uptick in recent sessions on the back of firm cargo premiums.
Onshore fuel oil stocks dipped 3% to 19.59 million barrels (3.09 million tonnes) in the week to Jan. 25, Enterprise Singapore data showed Thursday.
Weekly net imports dived by 39% to 376,000 tonnes in the same week as more supplies were exported regionally within Asia.
Oil prices were steady on Thursday after US crude stocks climbed less than expected and as investors awaited further clarity on supply drivers, including an OPEC+ meeting and the looming EU ban on Russian refined products.
US crude inventories rose last week as demand for fuels tapered off, the Energy Information Administration (EIA) said. While the increase was less than expected, crude stocks reached the highest level since June 2021, the EIA added.
Qatar is in talks to acquire a stake of French company Total Energies’ $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country.
Comments
Comments are closed for this article.