Asia’s spot market differentials for key fuel oil grade was steady on Wednesday, with 380-cst grade trading at same price levels for a third straight session this week.

Spot differential for high sulphur fuel oil (HSFO) 380-cst grade traded at discounts of about $6 per metric ton to cargo quotes. Meanwhile, 180-cst grade traded at much higher discounts of $9.42 per ton.

Very low sulphur fuel oil (VLSFO) differential discount deepened at $1.39 per ton.

INVENTORIES

Fuel oil inventories at the Fujairah trading hub rose by about 2 million barrels to 21.811 million barrels in the week to November 10, S&P Global Commodity Insights data showed.

OTHER NEWS

– Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from its previous expectations of a speedy transition to cleaner fuels and predicting that the world will likely fail to achieve climate goals.
– Oil prices fell nearly 1% on Wednesday, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.

WINDOW TRADES

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