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OIL PRODUCTS: Singapore’s Hi-5 Spread Narrowest in 5-Months: Platts

OIL PRODUCTS
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Ample LSFO supplies in Singapore have narrowed the spread against HSFO to its weakest in five months, reducing shipowner’s saving from scrubber investments, Platts said.

  • Higher inflows of replenishment LSFO in Singapore due to workable East-West arbitrage margisn have weighed on prices amid slower bunker demand.
  • Platts assessed the FOB Singapore hi-5 spread (VLSFO vs HSFO) at $94.09/mt Nov. 26, the lowest since June. 24.
  • Traders told Platts that bunker demand has slowed due to a weaker economic growth outlook for Asia in the near term and geopolitical tensions in the Middle East.
  • LSFO stocks in Singapore are expected to remain elevated in H1 Dec, with arb arrivals of 0.6m mt.
  • HSFO stockpiles have mostly been sufficient in Singapore, with upstream valuations healthier compared to LSFO.
  • A trader said that Trump’s return to the presidency could lead to some uncertainty for HSFO, amid potential developments in the Russia-Ukraine war.
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Ample LSFO supplies in Singapore have narrowed the spread against HSFO to its weakest in five months, reducing shipowner’s saving from scrubber investments, Platts said.

  • Higher inflows of replenishment LSFO in Singapore due to workable East-West arbitrage margisn have weighed on prices amid slower bunker demand.
  • Platts assessed the FOB Singapore hi-5 spread (VLSFO vs HSFO) at $94.09/mt Nov. 26, the lowest since June. 24.
  • Traders told Platts that bunker demand has slowed due to a weaker economic growth outlook for Asia in the near term and geopolitical tensions in the Middle East.
  • LSFO stocks in Singapore are expected to remain elevated in H1 Dec, with arb arrivals of 0.6m mt.
  • HSFO stockpiles have mostly been sufficient in Singapore, with upstream valuations healthier compared to LSFO.
  • A trader said that Trump’s return to the presidency could lead to some uncertainty for HSFO, amid potential developments in the Russia-Ukraine war.