Cash premiums and refining margins for fuel oil in Asia remained relatively unchanged with limited activity. The cash premium for 0.5% very low sulphur fuel oil and the cash premium for 380-cst high sulphur fuel oil saw marginal movements. Onshore inventories in Singapore experienced a slight increase, reaching 21.09 million barrels. Notably, Denmark's Maersk plans to route several container vessels through the Suez Canal and the Red Sea, signaling a return to this shipping route. In other news, oil prices stabilized after recent concerns about shipping disruptions in the Red Sea eased. Russia's oil output is expected to remain steady or increase, and Qatar has agreed to supply Shell in Singapore with up to 18 million barrels of oil annually for five years.

SOURCE:GOOGLE