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Asia Fuel Oil-HSFO softens; inventories extend gains for fourth week

Friday, 21 June 2024 | 00:00

Asia’s 380-cst high sulphur fuel oil (HSFO) market weakened on Thursday as a lower-priced trade emerged, while inventories at key storage hub Singapore rose for a fourth consecutive week.

Onshore stockpiles have recovered as supplies to Asia rose in the second half of this month, trade sources said, while bunkering demand has been tepid in the week.

Cash premium for 380-cst HSFO slipped to about $10 a metric ton on Thursday, while cracks closed near discounts of $5 a barrel.

China’s import demand for HSFO also retreated in May and June, after hitting multi-year highs in April, according to sources and data.

On the low-sulphur (VLSFO) front, cash premiums were little changed this week, while cracks continued to hover near $9 a barrel.

Bunkering demand slowed in a holiday-thinned week, while some shipowners also monitored the recent oil spill situation, according to sources.

INVENTORY DATA

– Singapore inventories rose 19% to 22.81 million barrels (3.59 million metric tons) in the week ended June 19, reaching a 17-week high, Enterprise Singapore data showed.

OTHER NEWS

– Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited U.S. inventory data.

– Russian President Vladimir Putin said during a visit to Vietnam on Thursday that Russia was keen to partner with the southeast Asian country in energy and security.

– Urgent action must be taken in the Red Sea to stop attacks on merchant shipping by Yemen’s Houthis, leading industry groups said on Wednesday, after the sinking of a second ship.

– Global fossil fuel consumption and energy emissions hit all-time highs in 2023, even as fossil fuels’ share of the global energy mix decreased slightly on the year, the industry’s Statistical Review of World Energy report said on Thursday.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)

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