Asia’s spot market differentials for key fuel oil grades were little changed on Thursday amid thin activity at the trading window.

Spot differentials of high sulphur fuel oil (HSFO) traded at a discount $6.03 per ton to cargo quotes, while differentials for very low sulphur fuel oil traded at a discount of $1.43 per ton.

Imports of Russian-origin fuel oils into the Singapore strait in November is on course to hit their highest level since May 2025, ship-tracking data from Kpler showed.

INVENTORIES

Fuel oil stocks rose 1.47 million barrels to a 9-week high of 25.952 million barrels in the week to November 12, Enterprise Singapore data showed.

OTHER NEWS

– Russia’s revenues from crude oil and refined products fell again in October due to lower export volumes and weaker prices, the International Energy Agency said on Thursday, adding that Russian oil exports have been holding up so far.
– The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as OPEC+ producers and rivals lift output and demand growth slows, the International Energy Agency said.

WINDOW TRADES

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