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Singapore LSFO Arrivals from the West Set to Slip Again in March

OIL PRODUCTS

Singapore low sulphur fuel oil arrivals from the West are expected to drop for a second straight month in March according to Platts with arbitrage economics mostly unviable due to the Red Sea situation.

  • Singapore is now expected to receive around 1.4-1.7 million mt of LSFO from the West in March, down from about 2 million mt scheduled for in February according to Platts sources.
  • Kuwait’s Al-Zour refinery and ADNOC’s Ruwais are also keeping the Asian market well supplied.
  • The spread between Singapore marine fuel 0.5%S cargo and FOB Rotterdam 0.5%S barge assessments, or the East-West spread, which has stayed rangebound in the last two weeks, was assessed at $49/mt Feb. 28, according to Platts.
  • The spread has averaged $47.83/mt so far in February, compared with an average of $45.72/mt in January.
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