Asia's spot fuel oil market remained stable with minimal trading activity, and cash premiums for 0.5% VLSFO and 380-cst HSFO held steady. Onshore fuel oil inventories in Singapore reached nearly three-month highs, driven by increased net fuel oil imports. Malaysia, Brazil, and Indonesia were the top origin countries for imports, while China, the Philippines, and New Caledonia were the primary destinations for outgoing cargoes. Singapore's bunker sales for November declined by 3.1% MoM to 4.26 million tons, attributed to reduced vessel calls. The port authority in Singapore is inviting proposals for supplying methanol as a marine bunker fuel starting in 2025. Meanwhile, global oil prices rose due to a larger-than-expected weekly draw in U.S. crude storage and a weakened dollar. The report also mentions an incident in the Red Sea where a tanker was fired upon and targeted with missiles, posing a threat to the shipping lane. Additionally, Venezuela's PDVSA and Chevron have requested a 15-year extension for joint ventures, and talks between Woodside Energy and Santos on a proposed $80 billion tie-up may not see an announcement until at least February. In the window trades, there were no reported transactions for 180-cst HSFO, 380-cst HSFO, and 0.5% VLSFO.

SOURCE:GOOGLE