Asia’s high sulphur fuel oil differentials extended losses on Thursday amid speculation of more supplies from the Middle East.

Singapore’s 380-cst HSFO cash premium dropped for a sixth session on Thursday to $15.66 a metric ton.

The very low sulphur fuel oil (VLSFO) market also remained tepid with no trades at the deals window.

A seller from Kuwait offered about 130,000 tons of low sulphur oil for the laycan April 9-10 in a tender that closed on Wednesday, market sources said.

INVENTORY DATA

– Singapore fuel oil stocks rose 1.7 million barrels to a five-week high of 19.618 million barrels in the week to March 19, Enterprise Singapore data showed.

OTHER NEWS

– China’s fuel oil imports rose 6.8% in the first two months of 2025 from the same period last year, data showed on Thursday, as traders rushed to deliver the shipments booked ahead of an increase in import taxes and lower tax rebates.

– Asia’s sour crude demand is set to rebound from late in the second quarter as refiners return from maintenance and Exxon Mobil
XOM
completes a Singapore refinery upgrade that is poised to increase its heavy oil use, traders and analysts said.

– Russia has surpassed the United Arab Emirates as India’s top naphtha supplier in the year to March 2025, as refiners capitalise on discounted cargoes, preliminary ship-tracking data showed, a trend buyers expect to persist for another year.
Source: Reuters