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2025-10-31 18:13:52
[Asian Fuel Oil Spot Freight Discounts Narrow, Market Structure Remains Weak] ⑴ Asian fuel oil spot spreads narrowed on Friday, but the market has maintained a futures premium structure recently. ⑵ An unexpected shutdown at Kuwait's Al-Zour refinery, a key producer of low-sulfur fuel oil, provided a slight improvement to the market. ⑶ Trade sources indicated that the Asian market still receives ample supply from other regions, meaning the impact of the shutdown may be limited. ⑷ The 380cst high-sulfur fuel oil market strengthened due to improved buying, but the inter-month spread remains at a deep futures premium. ⑸ Marine fuel oil premiums for both low-sulfur and high-sulfur fuel oil remained stable at a low of $10 above cargo prices this week, with no significant recovery seen throughout the month. ⑹ Fuel oil crack spreads held steady to strengthened, with the Singapore 380cst high-sulfur fuel oil crack spread remaining at a discount of nearly $5 per barrel. ⑺ The low-sulfur fuel oil crack spread rose to a premium of approximately $6.60 per barrel. (8) Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp region fell slightly by 0.3% to 920,000 tonnes in the week ending October 30. (9) Kuwait National Oil Company provided additional heavy crude oil for November spot shipments to mitigate the impact of unexpected refinery shutdowns.
