NewsSignals
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.

Read the original source ↗

← Browse more news analysis