Oil futures settled lower Oct. 26 as demand outlooks came under pressure amid a surge in COVID-19 cases in the US and Europe.

China exported 1.27 million mt of fuel oil in September, down 23% on the month but up 31.9% year on year, data from the General Administration of Customs showed Oct. 26.

Spot marine fuel pricing was again mixed throughout the Americas, with the week ended Oct. 24 seeing a bearish close, as ports took direction amid limited liquidity and some feedback pointing to shifts in supply fundamentals.

Market conditions in Northwest Europe are strengthening as a result of reduced supply in the market, while demand remains largely unchanged at levels below those before the coronavirus pandemic.

The spread between FOB Singapore 10 ppm sulfur gasoil and marine fuel 0.5%S narrowed to a 6-month low Oct. 23 on the back of weakening gasoil and tightening marine fuel 0.5%S markets.

Traders expect fuel oil supply for both low sulfur and high sulfur grades to remain tight in the coming weeks as refiners are cutting run rates globally due to weak middle distillate demand.

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**Targets 10% production growth, 50% capex cut **Production costs reduced to $1.90/b in Q3 **Downstream hit by aviation, bunkers

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"Everyone don't have oil anymore, and barges are full," a Zhoushan-based supplier said.

"It was reported that a number of stowaways were on board, and they had made threats towards the crew," a Hampshire Constabulary spokesman said.

The draft amendments will be forwarded to the Marine Environment Protection Committee 75 to be held in November.

The European fuel oil market has seen notable strength in the high sulfur fuel oil cracks in recent weeks, despite previous tightness in the region reportedly easing, and much to the surprise of many market participants.

Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp region increased 22% on the week at 1.478 million mt in the week to Oct. 21, showed Insights Global data released Oct. 22.

Availability of marine gasoil in Northwest Europe has tightened as oil refineries reduce production rates in the face of a second wave of coronavirus infections.

Availability of very low sulfur fuel oil is tight in the Amsterdam-Rotterdam-Antwerp region, causing loading delays of between two and three days, market sources said.

After a transition to IMO 2020, shipowners and bunker buyers are now facing their next big challenge -- the 2030 target to reduce greenhouse gas emissions, participants said at the Maritime Week Americas 2020 conference organized by Petrospot.

**Subject to partners signing grant deal by year-end **Eye on green liquid hydrogen supply chain in Norway

**Trafigura to "engage" as a shareholder **Saras operates 300,000 b/d Sarroch refinery **Minority stake worth around Eur13 million

**Ministers agree 2030 climate target should be fixed **No position yet on headline 2030 emissions goal **EU Council to discuss issue in Dec