Asia Fuel Oil-Spot premiums gain; Singapore inventories steady

By Reuters News

- Spot fuel oil premiums edged higher on Thursday, while latest data showed that Singapore's onshore residual fuel inventories steadied after declining in recent weeks.

The inventories rebounded for the first time after sliding for six consecutive weeks, Enterprise Singapore data showed, though current levels hovered below last month's average.

Trade sources said the market is amply supplied this month, though November-December timespreads for high sulphur fuel oil (HSFO) and very low sulphur fuel oil (VLSFO) traded into a steeper backwardation, lifting cash differentials day on day.

Cracks also rebounded after the previous day's sell-offs, with 380-cst HSFO crack closing at above $8.50 a barrel on Thursday, while VLSFO crack rose to above $25 a barrel, LSEG data showed.

Meanwhile, the November hi-five spread narrowed day on day to about $105 a metric ton.


INVENTORY DATA

- Singapore residual fuel stockpiles rose 4.5% to 18.86 million barrels (2.97 million tons) in the week to October 21, Enterprise Singapore data showed.


OTHER NEWS

- Oil prices rallied over $2 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to crude supplies from the world's key exporting region. O/R

- Russia and the United States are discussing the future of the international assets of sanctioned Russian oil producer Lukoil, Kremlin aide Yuri Ushakov said, according to state television.

- India's imports of Middle Eastern crude oil surged in September, returning to pre-war levels, while its refiners cut back purchases of Russian oil amid stiff competition with China, ship tracking data showed.

- Chevron is exploring the sale of some of its older oil and gas assets in the US Gulf, the company confirmed to Reuters, part of an effort to focus on high-growth developments in the region.


WINDOW TRADES O/AS

- 180-cst HSFO: No trade

- 380-cst HSFO: No trade

- 0.5% VLSFO: No trade


ASSESSMENTS

FUEL OIL





CASH ($/T)

ASIA CLOSE

CHANGE

PREV CLOSE

RIC

Cargo - 180cst

792.86

20.07

772.79

Diff - 180cst

43.09

-1.76

44.85

Cargo - 380cst

788.54

22.69

765.85

Diff - 380cst

45.44

0.69

44.75

Cargo - 0.5% VLSFO

874.45

19.58

854.87

Diff - 0.5% VLSFO

27.39

1.39

26.00

For a list of derivatives prices, please refer to ENSWAP/INFO or the RICs below:

180cst M1

180cst M1/M2

380cst M1

380cst M1/M2

0.5% VLSFO M1

0.5% VLSFO M1/M2

Cracks 180cst-Brent M1

Cracks 180cst-Dubai M1

Cracks 380cst-Brent M1

Cracks 380cst-Dubai M1

Cracks 0.5% VLSFO-Brent M1

Cracks 0.5% VLSFO-Dubai M1

Visco 180cst/380cst M1

Hi-5 0.5% VLSFO/380cst M1

GoFo 10PPM/0.5% VLSFO M1

East-West M1

Barges M1

Barges M1/M2

Crack Barges-Brent M1

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