MNI China Daily Summary: Friday, January 10

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OIL PRODUCTS: Asian HSFO Market Could Find Support in 2025: Platts

OIL PRODUCTS
SingaporeEnergy BulletsBulletAPACChinaCommodities

The Asian HSFO market in 2025 is likely to face tailwinds in 2025, benefiting from increased scrubber-installed ships and limited non-sanctioned supplies, Platts said.

  • Singapore bunker sales totalled 18.37m mt in Jan-Nov, compared to 16.722 for full year 2023, Port Authority data showed.
  • However, weak utility demand due to cheaper, cleaner alternatives and continued inflows of Russian supply will impact fundamentals.
  • While still seen rising next year, global scrubber fleet growth is abating, which will cause HSFO sales to gradually stagnate, Platts added.
  • The spread between Singapore VLSFO and HSFO cargoes-- the Hi-5 spread -- has narrowed over 30% in 2024 to date
  • A Hi-5 spread of $50-$100/mt would continue boosting scrubber adoption.
  • China's slashed tax rebates for refined product exports from 13% t 9% could limit HSFO feedstock buying. However, pushback from refiners may limit the impact.
  • HSFO sales in Zhoushan grew to 30%-35% of total sales in 2024, up from 20%-25% in 2023.

 

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The Asian HSFO market in 2025 is likely to face tailwinds in 2025, benefiting from increased scrubber-installed ships and limited non-sanctioned supplies, Platts said.

  • Singapore bunker sales totalled 18.37m mt in Jan-Nov, compared to 16.722 for full year 2023, Port Authority data showed.
  • However, weak utility demand due to cheaper, cleaner alternatives and continued inflows of Russian supply will impact fundamentals.
  • While still seen rising next year, global scrubber fleet growth is abating, which will cause HSFO sales to gradually stagnate, Platts added.
  • The spread between Singapore VLSFO and HSFO cargoes-- the Hi-5 spread -- has narrowed over 30% in 2024 to date
  • A Hi-5 spread of $50-$100/mt would continue boosting scrubber adoption.
  • China's slashed tax rebates for refined product exports from 13% t 9% could limit HSFO feedstock buying. However, pushback from refiners may limit the impact.
  • HSFO sales in Zhoushan grew to 30%-35% of total sales in 2024, up from 20%-25% in 2023.

 

Keep reading...Show less