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Asia Fuel Oil HSFO Demand Softening: Reuters

OIL PRODUCTS

Asia’s 380-cst HSFO market weakened June 20 amid robust Singapore storage and lower-level trading, according to Reuters.

  • Residual fuel oil inventories in Singapore reached the highest level since February at 22.8m bbl this week.
  • Bunkering demand has been tepid in the region, slowed by recent holidays within Asia and shipowners monitoring an oil spill, Reuters said.
  • China’s import demand for HSFO has softened across May and June, having hit multi-year highs In April.
  • The cash premium for 380 HSFO fell to $10/mt on June 20, while cracks closed near discounts of $5/b.
  • Looking at VLSFO, cash premiums were largely stable on the week, while cracks have hovered near $9/b.

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