The bunker supplier added that more buyers would opt to refuel LSFO at Zhoushan due to deeper discounts against delivered prices at the world largest bunker hub of Singapore.

Its refined product exports rose 5.7% year on year to 1.67 million mt in the April-June quarter as private refiners gained by selling overseas, putting pressure on state-run refiners to strike a balance between consumer demand against the backdrop of high domestic inflation and global crude prices.

In recent months, Platts has observed that an increasing number of market participants have been restricting material from Russia, in part or entirely, in their spot fuel oil trading activity.

September OSPs are expected to be raised by $1-$1.50/b across all grades.

Platts assessed marine fuel 0.5%S delivered to Fujairah at $905/mt, at a premium of $45 to Singapore-delivered marine fuel 0.5%S Aug. 1.

The Asian high sulfur fuel oil market, on the other hand, was likely to garner support in the near term on optimism that demand may see an uptick from the utility sector, especially in the West, where high gas prices have turned focus on alternative burning fuels.

Singapore is expected to receive 1.4 million-1.9 million mt of low sulfur fuel oil from the West in August, compared with 1.5 million-2 million mt in July, fuel oil traders said in the week ending July 29.

PetroChina International delivered its first gasoil cargo to Pakistan recently, signaling the company's breakthrough in the South Asia product market, the company said on its WeChat account on late July 28.

Petrobras will carry out maintenance projects at four separate refineries in the second half of 2022, but will delay work at a fifth refinery until early 2023, the Brazilian company's director for refining and natural gas said July 29.

State-led oil company Petrobras reaffirmed its commitment to maintaining competitive fuel prices in Brazil, despite a move toward greater board oversight of pricing decisions amid an ongoing dispute over the company's import-parity policy, executives said July 29.

Crude oil futures settled higher July 29 as tight supply outlooks and a weaker US dollar overshadowed economic uncertainty and recession fears.

Mexico's Energy Regulatory Commission is considering new requirements for midstream companies that according to observers are only aimed at eroding competition to the state-owned Pemex.

In the two weeks since US President Joe Biden met with Gulf leaders in Saudi Arabia, White House officials have voiced their optimism expectations, even, that OPEC and its allies will deliver an increase in crude oil production when they meet Aug. 3.

Phillips 66 reported strong second-quarter refining results, aided by its higher-than-average diesel yield, as the company made the final decision to convert its Rodeo, California, refinery into a renewables fuel plant, company executives said on the July 29 Q2 results call.

As of July 22, 18 of Safe Bulkers' 42 ships in operation were fitted with exhaust gas cleaning systems. The company said it will install scrubbers on another five vessels, all of which in the Capesize segment.

Volumes in the first half totaled 9.6 million mt, up 8% year on year.

This is the first week in two weeks that the stocks have dropped.

The US economy contracted by an annual rate of 0.9% between April and June, against analysts' expectations of a modest 0.5% gain, data from the Commerce Department showed July 28. This marked two consecutive negative quarters of US growth.

**Zhoushan bunker suppliers likely to intensify price competition **ARA ports only European locations with good HSFO supply **Weak demand on USGC and East coast

Russian loadings made up of 41% of the total in the latest week, amid continued self-sanctioning of Russian products, with market participants saying Asia was its main destination.