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OIL PRODUCTS: Singapore-Fujairah LSFO Price Spread Narrowest in 3 Months: Platts

OIL PRODUCTS
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Weaker LSFO demand and ample stockpiles in Singapore due to competition from alternative locations in Malaysia and China have narrowed the grade’s spread vs Fujairah in November, Platts said.

  • The price spread between Singapore delivered 0.5%S bunkers and the delivered grade into Fujairah was the narrowest in three months at $4/mt Nov. 22.
  • Bunker suppliers said competition among downstream suppliers to capture deals has intensified over the past weeks amid limited spot interest.
  • Inventories are expected to remain sufficient in the near term, with sources anticipating replenishment inflows of LSFO arbitrage cargoes towards the Singapore hub in the last week of November.
  • In Fujairah, LSFO demand has slowed due to fewer voyages through the Red Sea amid the additional war-risk premium.
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Weaker LSFO demand and ample stockpiles in Singapore due to competition from alternative locations in Malaysia and China have narrowed the grade’s spread vs Fujairah in November, Platts said.

  • The price spread between Singapore delivered 0.5%S bunkers and the delivered grade into Fujairah was the narrowest in three months at $4/mt Nov. 22.
  • Bunker suppliers said competition among downstream suppliers to capture deals has intensified over the past weeks amid limited spot interest.
  • Inventories are expected to remain sufficient in the near term, with sources anticipating replenishment inflows of LSFO arbitrage cargoes towards the Singapore hub in the last week of November.
  • In Fujairah, LSFO demand has slowed due to fewer voyages through the Red Sea amid the additional war-risk premium.