January sales higher Singapore fuel oil market stable

On Monday, market sources said the fundamentals of Singapore's high-sulphur fuel oil market were broadly stable from the previous session. At 07:00 GMT, the broker's guidance for the 180CST February and March time spread was around +75 cents/ton, and the 380CST time spread was at -5 cents/ton. They closed Friday at +50 cents and -50 cents, respectively, Platts data showed.

Market sources currently expect Western RenAMO to ship around 4.5 to 5 million tonnes of cargo to the Eastern market in March. March cargo specifications are expected to be mostly cracked materials, Marine market preparatory grade materials less than 500,000 tons, high-density high-viscosity materials are also less than 500,000 tons. In terms of end-user Marine fuel oil market, data from the Maritime and Port Authority of Singapore on Monday showed that Marine fuel oil sales in Singapore in January increased by 7.1% year-on-year to 4.46 million tons, a new monthly record, a month-on-month increase of 14.3%, and sales in December were 3.9 million tons. Total sales in January included 3.34 million tons of 380CST high sulphur fuel oil, 33,200 tons of 180CST high sulphur fuel oil, 893,300 tons of 500CST high sulphur fuel oil, 117,800 tons of low sulphur Marine diesel oil and 144,000 tons of 380CST low sulphur fuel oil. Data showed no sales of 180CST low sulphur fuel oil and 500CST low sulphur fuel oil in January. January low sulphur Marine diesel sales hit the highest level since April 2016, when sales of 127,600 tonnes were recorded.