The fuel oil market in Asia remained rangebound with thin premiums, and refining cracks softened, reflecting bearish pressure due to ample regional supplies. Singapore's cash premium for 0.5% very low sulfur fuel oil stood at $5.25 per metric ton, while cracks fell to premiums of $12.03 per barrel. High sulfur fuel oil markets are expected to stabilize as China issues slightly more fuel oil import quotas for 2024. Despite ongoing tensions in the Red Sea, major shipping companies, including CMA CGM and Maersk, are gradually returning to the Suez Canal. The report also highlights updates on oil prices, the U.S. Strategic Petroleum Reserve replenishment, Iran's oil exports, and the suspension of oil loadings from Russia's Black Sea port of Novorossiisk due to a storm.

SOURCE:GOOGLE