Asia’s low-sulphur fuel oil (VLSFO) market gained on Thursday after stocks at key trading hub Singapore plunged to the lowest in five-and-a-half years.

Cash premiums for VLSFO rose by 41 cents to $8.16 a metric ton. Cash differential for 180-cst HSFO was pegged at a premium of $7.36 a ton, while the premium for 380-cst traded at $7.48 per ton.

Inventories for fuel oil STKRS-SIN lost 17.46% weekly to log 15.778 million barrels (2.48 million metric tons), the lowest after the week ended Oct 31, 2018, Enterprise Singapore data showed.

Net imports rose 568,326 tons, or 186.1% week-on-week to stand at a two-week high of 873,675 tons. Total imports more than doubled to about 1,091,367 tons.

OTHER NEWS

– India and Egypt were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in April, traders said and LSEG data showed.

– The Belgian government plans to publish a royal decree that tightens the quality of motor fuel exports within days, with the new regulations expected to take effect after three months, the energy ministry said.

– Abu Dhabi National Oil Company (ADNOC) raised $935 million from an additional 5.5% sale of shares in its drilling unit to institutional investors, it said in a statement on Thursday.

WINDOW TRADES O/AS

– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trades
Source: Reuters (Reporting by Mohi Narayan; Editing by Tasim Zahid)