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June 13th Singapore Fuel oil Market Daily Report

The Singapore fuel oil market rebounded slightly supported by the temporary crude bounce and improved demand. On Wednesday, Singapore spot 180cst fuel oil closed at $612.09/mt, rising $6.85/mt and 380cst closed at $598.59/mt, increasing $6.75/mt.

Asian timespreads widened further as market sentiment got a further boost from Singapore marine fuel sales data.

Marine fuel sales jumped to a monthly high of 3,990,000mt in May, gaining 6.7% from April, as a sharp decline in prices urged demand. Singapore May tanker arrivals increased by 5.1% compared with last month.

The large Japan's summer demand had been already priced in but China still remained an uncertainty.

Arbitrage bookings were still low, suggesting August inflows could be low too; part would be offset by the high local supply.

In Singapore spot market, Glencore sold 40,000mt of 180cst HSFO to Shell at $4.00/mt above Singapore quotes for July 2nd – July 6th loading.

July/August spread of 180cst paper goods rose to $5.75/mt.

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