The Very Low Sulphur Fuel Oil (VLSFO) market in Asia experienced a softening on Tuesday due to the anticipation of additional arbitrage supplies arriving at the Singapore hub. The cash premium for Singapore's 0.5% VLSFO eased, while high sulphur fuel oil (HSFO) remained stable despite active spot trading. Total fuel oil supplies to Asia for December are expected to be higher than November, with increased inflows from various regions, including arbitrage barrels. Additionally, Singapore-based container shipper X-Press Feeders plans to use green methanol bunker for part of its European fleet in Q2 2024, signaling a shift towards cleaner fuel sources. Geopolitical tensions in the Middle East, a rise in offer prices for sanctioned oil, and ongoing discussions on potential sanctions against Russia also influenced the oil market.

SOURCE:GOOGLE