BUNKERWORLD INDEX: Bunker prices rebound on crude rallyAccording to traders at the bunkering hub of Singapore, buyers have inked August loading ex-wharf marine fuel 0.5%S bunker term contracts at premiums of $3.50-$3.75/mt over the Singapore Marine Fuel 0.5%S cargo assessments during July.
SINGAPORE DATA: Residue stocks fall to 22.90 mil barrels as fuel oil imports plungeAhead of an anticipated fall in incoming volumes of low sulfur fuel oil from the Americas into Singapore in August, cargo imports fell 72% to 106,802 mt, mostly due to a 38.80% decline in cargo from Brazil to 63,872 mt, and a 100% fall in volumes from Mexico.
ARA fuel oil stocks rise 4.6% on week after 16-month lows: Insights GlobalDemand has ticked up a bit into Western Africa and other places for HSFO, one trader said.
European HSFO backwardation hits 21-month highHigh sulfur straight run can feed into the HSFO pool, as it can be used as both a bunkering and a heating fuel. Strength in the HSSR market is often an indicator of strength in the high sulfur fuel oil market.
China's crude throughput to fall in July on independent refiner cuts, quota limitsMost PetroChina refineries are located in northeast and northwest China neighboring oil blocks, which are also relatively less developed compared with centers in southern and eastern China.