The spot market for 180-cst high sulphur fuel oil (HSFO) traded at a steeper discount on Friday compared to last week.
Vitol bought a 20,000-tonne cargo 180-cst HSFO from PetroChina at a discount of $3 to Singapore quotes on Friday, for loading between Jan. 26 to 30.
Reflecting near-term bearishness, the 180-cst HSFO forward curve was in contango for the first half of 2023, Refinitiv data showed Friday.
Ample supplies from Russia to Asia have weighed on the spot HSFO market, with the 380-cst HSFO market steadying at thin premiums to Singapore quotes by the end of this week.
The 0.5% very low sulphur fuel oil (VLSFO) market also trended steady to lower in recent sessions, with its cash differential easing to a premium of $8 a tonne on Friday.
ARA INVENTORIES
Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 1% week-on-week to 1.11 million tonnes in the week ended Jan. 5, latest data from Dutch consultancy Insights Global showed.
