Asia’s high sulphur fuel oil (HSFO) spot market widened on Thursday and the market structure deepened in contango even as fuel oil stocks decreased at the Singapore trading hub.

Singapore 380-cst HSFO cash differential was pegged at a discount wider than $6 a metric ton, and the 180-CST cash differential traded at a discount of $4.48 a ton.

Fuel oil stocks at the Singapore hub fell to a two-week low of 23.385 million barrels in the week to July 16, Enterprise Singapore data showed.

OTHER NEWS

– A drone attack targeted an oilfield operated by Norwegian oil and gas firm DNO in Tawke, in the Zakho Administration area of northern Iraq, on Thursday, the Kurdistan region’s counter-terrorism service said.

– India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, Oil Minister Hardeep Singh Puri said on Thursday.

– Oil prices edged up on Thursday on signs of easing trade tensions, stronger than expected economic data from the world’s top oil consumers and renewed risks in the Middle East.

WINDOW TRADES

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