Data from LSEG reveals that fuel oil refining margins in Asia saw a yearly increase in 2023, supported by a broader recovery in refined fuels demand and a downward trend in crude oil prices. Front-month cracks for 0.5% very low sulphur fuel oil (VLSFO) and 380-cst high sulphur fuel oil (HSFO) showed notable gains compared to the beginning of the year. However, the article highlights potential challenges in 2024, including rising Kuwait exports and sustained Russian supplies to China and India. Traders are closely monitoring developments at key refineries globally. Additionally, onshore inventories in Singapore, Fujairah, and ARA are discussed, indicating trends in stock levels. The report also touches on broader oil market dynamics, including OPEC's challenges and Maersk's decision on container vessel routes.

SOURCE:GOOGLE