Asia’s very low sulphur fuel oil (VLSFO) market steadied on Thursday after recent declines, while onshore inventories at Singapore rebounded to three-week highs.

Cash premium for 0.5% VLSFO inched higher at$1.81 a metric ton, while October crack rose to a premium of $9.31 a barrel at 0830 GMT.

Meanwhile, the 380-cst high sulphur fuel oil (HSFO) premium slipped to $7.75 a metric ton, while October crack fell to a discount of $10.06 a barrel.

SINGAPORE INVENTORIES

Singapore’s onshore fuel oil stocks were at 20.77 million barrels (3.27 million metric tons), climbing 7% and recovering to three-week highs, data from Enterprise Singapore showed.

The United Arab Emirates was the top origin for Singapore’s net fuel oil imports, while Hong Kong was the top destination for Singapore’s fuel oil exports.

SINGAPORE BUNKER SALES

Singapore’s bunker sales retreated in August as vessel calls and container throughput fell from July, official data showed on Thursday.

Sales eased across all conventional bunker grades, though volumes of bio-blended LSFO extended gains to a new monthly record high.

OTHER NEWS

– Oil prices rebounded on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023, with demand set to stay robust through to next year.

– The sustainable mobility unit of Italy’s Eni and petrochemicals maker LG Chem have teamed up to explore the potential development of a biorefinery in South Korea, the two companies said in a statement on Thursday.

– Taiwan’s CPC Corp will shut one of its crude distillation units and several downstream units including an alkylation unit for maintenance and a steam cracker for repairs in the next few days, a company spokesperson said on Thursday.

– Workers at Chevron’s two LNG projects in Australia plan to escalate industrial action from Thursday to anything from a total strike to hours-long work stoppages, their union said.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shilpi Majumdar)