SINGAPORE: Fuel oil cracks continued their ascent on Thursday, climbing to record highs amid expectations of tightening near-term arbitrage supplies into Singapore.
The February 180-cst fuel oil crack to Dubai crude widened its premium on Thursday, climbing to a nearly two-month high of plus 83 cents a barrel from 76 cents a barrel in the previous session, according to Refinitiv data in Eikon.
Similarly, the more actively traded 380-cst barge crack to Brent crude for February firmed to minus $4.11 a barrel, up from minus $4.15 a barrel on Wednesday, Refinitiv data showed.
The 380-cst barge crack to Brent is at its narrowest since Nov. 27, the data showed.
This came despite higher oil prices, which rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.
Meanwhile, Singapore fuel oil inventories hit a six-week high in the week ended Jan. 30, buoyed by higher net fuel imports, official data showed.
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