NewsSignals AI analysis·Reuters·
Spot premiums gain; Singapore inventories steady
Grade Bbullish AI signal$WTI$BRENT
Singapore fuel oil premiums strengthened on Thursday as cash differentials rose despite a rebound in residual fuel inventories after six consecutive weeks of declines.
Inventories increased 4.5% to 18.86 million barrels, while 380-cst HSFO and VLSFO cracks climbed above $8.50 and $25 per barrel, respectively, amid steeper backwardation in November-December spreads.
Stronger product premiums and renewed concerns over Middle Eastern supply disruptions could support fuel oil prices, although ample market supply may limit further gains.
Bullish strength: 65/100
- Spot fuel oil premiums edged higher and cash differentials increased day on day.
- HSFO and VLSFO cracks rebounded after the previous day's sell-offs.
- November-December HSFO and VLSFO timespreads moved into steeper backwardation.
- Oil prices rallied over $2 per barrel amid concerns about potential supply disruptions.
Bearish strength: 35/100
- Singapore residual fuel inventories rose 4.5% to 18.86 million barrels.
- Trade sources described the market as amply supplied this month.
- The November hi-five spread narrowed day on day to about $105 per metric ton.
This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.