Bunker premiums have softened this week after cargo premiums eased, while landed stocks at trading hub Singapore reached five-week highs.

Buying inquiries for bunker fuel slowed in recent days as some shippers took to the sidelines on expectations of lower prices.

Bunker premiums for 0.5% very low sulphur fuel oil (VLSFO) decreased to between $20 and $25 a tonne over Singapore quotes this week, traders said.

The spot cargo market weakened for a fifth consecutive session, with the cash differential (MFO05-SIN-DIF) easing to $21.85 a tonne over Singapore quotes on Thursday.

SINGAPORE INVENTORIES

Onshore fuel oil stocks climbed by 3% to 21.24 million barrels (3.34 million tonnes) in the week ended Feb. 8, Enterprise Singapore data showed.

The uptick emerged despite a decline in weekly net imports, which fell 27% to 509,000 tonnes in the same week.

OTHER NEWS

WINDOW TRADES

– 180-cst HSFO: Two trades
– 380-cst HSFO: One trade
– 0.5% VLSFO: No trade

Agencies

Marex Media