Asia’s fuel oil market was steady to softer on Thursday, with spot premiums for 0.5% low sulphur fuel oil (VLSFO) dipping further, while Kuwait offered more high sulphur fuel oil (HSFO) for October.

Singapore cash premium for VLSFO was pegged lower at about $16.20 a metric ton to cargo quotes on Thursday. Meanwhile, VLSFO cracks for October eased to premiums of around $11.25 a barrel, based on LSEG’s data.

HSFO market for the 380-cst grade was little changed, though the market also eyed recovering supplies from the Middle East as the region exits peak summer demand.

Kuwait’s KPC offered two more parcels of HSFO for loading in October via a tender that closes on Thursday, showed shipping records. This came on top of another parcel for loading in early October, which was offered via a tender that closed last week.

Inventories at Singapore also recovered this week, led by higher inflows from the United Arab Emirates, though the onshore stockpiles continued to average lower in September versus August, official data showed.

INVENTORY DATA

– Singapore onshore fuel oil stockpiles STKRS-SIN were at 18.55 million barrels (about 2.92 million metric tons) in the week to Sept. 18, edging up 10% from the previous week, Enterprise Singapore data showed.

OTHER NEWS

– Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand.

– Oil exports from Russia’s western ports may rise in October as domestic refineries will increase runs only marginally despite coming out of the peak maintenance season, trading sources said.

– Japan’s Mitsui O.S.K. Lines, Norway’s Yara and Singapore’s Global Centre for Maritime Decarbonisation said they had jointly completed an ammonia cargo transfer operation in Australia that will pave the way for ammonia bunkering in the region.

– A threatened Oct. 1 strike by dockworkers at ports on the U.S. East Coast and Gulf of Mexico would immediately disrupt the flow of goods in the country, the North America chief executive of French container carrier CMA CGM said.

WINDOW TRADES

– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: Three trades
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Janane Venkatraman)