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Asia Fuel Oil-Spot benchmarks soften as influx of supply weighs



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SINGAPORE, Nov 19 (Reuters) -Spot fuel oil benchmarks eased on Tuesday as ample incoming supplies weighed on sentiment.

Singapore's cash premium for very low sulphur fuel oil (VLSFO) continued to fall after hitting a six-week low, with the product trading softer at $5 a metric ton for December dates.

Meanwhile, the cash premium for 380-cst high sulphur fuel oil (HSFO) also eased, dropping below $13.50 a ton.

Total fuel oil supplies arriving in Asia are expected to breach 7 million tons for November, just as last month, based on data from LSEG Oil Research this week.

The strong inflows were led by an uptick in western arbitrage arrivals, as well as a strong recovery in Middle Eastern barrels after summer demand retreated.

Refining margins for fuel oil trended steady to softer in Asia during recent sessions. VLSFO cracks continued to hover below premiums of $13 a barrel, while 380-cst HSFO cracks closed lower at discounts nearer to $5.50 a barrel, based on LSEG's data at 0830 GMT.


REFINERY UPDATES

- U.S. oil refiners are expected to have about 291,000 barrels per day of capacity offline in the week ending Nov. 22, raising available refining capacity by 316,000 bpd, research company IIR Energy said.


OTHER NEWS

- Oil slipped on Tuesday, pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline. O/R

- Swiss trading house Trafigura is trying to track down $500 million in Mongolia following a year-long probe of staff and associates over a billion-dollar fraud scheme at its local fuel supply business, according to three trading sources familiar with the case.

- Brazilian state-run oil firm Petrobras announced on Monday that its management proposed to the company's board a $111 billion business plan for 2025-2029, according to a securities filing.

- Japan's Mitsui O.S.K. Lines and Kansai Electric Power Company have signed a memorandum of understanding (MoU) for the joint study of a liquefied hydrogen carrier, the companies said in a joint statement on Tuesday.


WINDOW TRADES O/AS

- 180-cst HSFO: No trade

- 380-cst HSFO: No trade

- 0.5% VLSFO: One trade


ASSESSMENTS

FUEL OIL





CASH ($/T)

ASIA CLOSE

CHANGE

PREV CLOSE

RIC

Cargo - 0.5% VLSFO

544.12

7.93

536.19

MFO05-SIN

Diff - 0.5% VLSFO

5.00

-0.95

5.95

MFO05-SIN-DIF

Cargo - 180cst

449.50

6.36

443.14

FO180-SIN

Diff - 180cst

14.05

-0.04

14.09

FO180-SIN-DIF

Cargo - 380cst

435.23

6.31

428.92

FO380-SIN

Diff - 380cst

12.35

-0.90

13.25

FO380-SIN-DIF

Bunker (Ex-wharf) Premium - 380cst

14.00

0.00

14.00


Bunker (Ex-wharf) Premium - 0.5% VLSFO

12.00

0.00

12.00


For a list of derivatives prices, please refer to ENSWAP/INFO or the RICs below:

180cst M1

FO180SGSWMc1

180cst M1/M2

FO180SGSDMc1

380cst M1

FO380SGSWMc1

380cst M1/M2

FO380SGSDMc1

0.5% VLSFO M1

LFO05FSGMc1

0.5% VLSFO M1/M2

LFO05FSGSMc1

Cracks 180cst-Brent M1

FO180BRTCKMc1

Cracks 180cst-Dubai M1

FO180SGCKMc1

Cracks 380cst-Brent M1

FO380BRTCKMc1

Cracks 380cst-Dubai M1

FO380DUBCKMc1

Cracks 0.5% VLSFO-Brent M1

LFO05SGBRTCMc1

Cracks 0.5% VLSFO-Dubai M1

LFO05SGDUBCMc1

Visco 180cst/380cst M1

FOVISSGDFMc1

Hi-5 0.5% VLSFO/380cst M1

FO05-380SGMc1

GoFo 10PPM/0.5% VLSFO M1

GO10FO05FSGMc1

East-West M1

FOSGEWMc1

Barges M1

HFOFARAAMc1

Barges M1/M2

HFOFARAASMc1

Crack Barges-Brent M1

HFOFARAACMc1



Reporting by Jeslyn Lerh; Editing by Shreya Biswas

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