Fuel oil prices in Asia are in rangebound during the week. Fuel oil onshore inventories dropped in Singapore market, Still high compared to previous months. Supply inflows remain strong in the region. U.S, Saudi Arabia and Indonesia are the major exporters of fuel oil to the region. Most of the fuel oil heading to South Koria, China and Bangladesh.
VLSFO (very low sulfur fuel oil) spot markets traded in discounts on Thursday for Dec loading dates. HSFO (High Sulphur Fuel oil) 380 cSt markets continued low momentum with sliding offer day on day into narrower premiums.
Hi-5 Fuel oil spread is the premium of VLSFO over 380 cSt HSFO.
Turning to other markets, Crude futures prices flat as markets weigh on surplus outlook into 2025 against supplier’s decision of delaying output hikes. Fragility in ceasefire agreement in spot light. FO prices in India went down while LDO prices revised down as on 1st Dec, 2024.
