Spot discounts for 380-cst high sulphur fuel oil (HSFO) deepened on Thursday, while inventories at Singapore remained higher than average for a tenth consecutive week.
The 380-cst HSFO grade traded lower at discounts wider than $7 a metric ton in the spot market. Meanwhile, cracks also posted steeper discounts.
Meanwhile, spot premium for very low sulphur fuel oil (VLSFO) traded largely stable on Thursday at about $4 a ton, though margins edged lower.
Onshore inventories in Singapore rose amid an uptick in imports, led by strong inflows from Middle Eastern countries including Iraq and the United Arab Emirates.
INVENTORY DATA
– Singapore residual fuel inventories rose 1.3% to 23.70 million barrels (3.73 million metric tons) in the week to July 23, based on Enterprise Singapore.
WINDOW TRADES
– 180-cst HSFO: One trade – 380-cst HSFO: Two trades – 0.5% VLSFO: One trade Source: Reuters
