With fuel oil exports having tumbled since Russia's invasion of Ukraine, refineries in the country opted to cut processing in March and April.

Total sales came to 670,063 cu m in April, down 3.8% from March and 1.4% lower than a year earlier, according to Fujairah Oil Industry Zone data compiled by S&P Global Commodity Insights.

The change in methodology follows feedback gathered that shows the market has moved away from Russian origin being traded on the same basis as other origins.

The Singapore marine fuel oil market is expected to remain firm in the May 17-20 trading week, as tight availability of cutter stocks persist given relatively stronger gasoil crack spreads compared with low sulfur fuel oil.

Consumption of biofuels in the EU among three key sectors -- road, marine and aviation -- is set to surge further with major industry players advocating for long-term mandates and more ambitious targets in a bid to secure investment in infrastructure as well as energy independence.

Shanghai has reported no new COVID-19 cases for three days in row, prompting Chinese authorities to move the city of 25 million inhabitants closer to a reopening at the beginning of June. This reopening is contingent on the city reporting no new cases until May 21.

Russia's key crude grade Urals has been trading at record low values. Urals was assessed by Platts at $77.78/b on May 16, compared to Dated Brent at $113.135/b, S&P Global Commodity Insights data showed.

The Bilbao refinery is restarting its halted fluid catalytic cracker and boiler unit in Plant 3, which were halted May 14 and May 15 respectively for maintenance.