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OIL PRODUCTS
Robust bunker sales in Singapore, combined with a strong east-west arb last quarter have been a driver of strong fuel oil flows into the major bunker hub in recent months according to Vortexa.
- Imports of fuel oil cargoes from Northwest Europe into Singapore in January reached 85kbd, the highest since July 2022.
- Higher supplies from Indonesia and Japan have lifted total supplies from Asia into Singapore to over 250kbd in the last two months, and are on-track to surpass this level for the third month.
- This has consequently lifted the share of LSFO imports into Singapore significantly to over 50% in December and January, up from under 30% last August.
- Higher vessel speeds and longer journeys are supporting global bunker demand as ships pass the Cape of Good Hope to avoid Houthi threats in the Red Sea.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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