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Asia Fuel Oil-HSFO discounts narrow slightly; inventories dip

Friday, 09 February 2024 | 01:00

Spot discounts for high sulphur fuel oil (HSFO) narrowed slightly on Thursday though trade remained quiet, while onshore inventories at Singapore eased to a two-week low.

Weekly fuel oil imports retreated after last week’s jump, while exports edged higher, latest official data showed.

Despite the weekly decline in stockpiles, overall regional inventories remained ample and this has been weighing on price benchmarks despite healthy demand for bunker fuels, industry sources said.

Cash differentials for HSFO remained stuck in discounts, while 380-cst cracks FO380DUBCKMc1 held at discounts of about $11 a barrel.

Meanwhile, spot market for very low sulphur fuel oil inched higher to a premium of $3.85 a metric ton, while margins LFO05SGDUBCMc1 firmed to premiums of about $13.50 a barrel.

INVENTORY DATA

– Singapore inventories STKRS-SIN eased 7.0% to 21.80 million barrels (3.43 million metric tons) in the week to Feb. 7, based on Enterprise Singapore data.

OTHER NEWS

– Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices.
– Maersk said on Thursday it expects oversupply of container vessels to hit earnings this year while uncertainty around Red Sea disruptions remained, prompting the shipping company to suspend its share buy-back program.
– War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen’s Houthis, sources said.
– Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the face of an uncertain outlook for fossil fuels.

WINDOW TRADES O/AS

– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trade
Source: Reuters

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