Cash premiums for 0.5% very low sulfur fuel oil (VLSFO) and high sulfur fuel oil (HSFO) in Asia increased as European inventories declined. The Singapore 0.5% VLSFO premium rose to $8.70 per metric ton from $8.52. The balance-Dec/Jan timespread for VLSFO widened to $7.50 per ton. In the HSFO market, the cash premium for 380-cst grade rose to 47 cents per ton, and the discount on 180-cst grade narrowed by 17 cents to $1.58 per ton. Fuel oil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) hub decreased, contributing to the uptick in premiums. The report also highlights developments at the Dangote oil refinery in Nigeria and Bangladesh's new crude oil receiving facility built by China.

SOURCE:GOOGLE