Singapore HSFO swaps follows tumble in Rotterdam curve

London (Quantum Commodity Intelligence) - Summertime high sulfur fuel oil (HSFO) cracks in Singapore Wednesday extended the tumble seen in the Rotterdam curve Tuesday, Quantum data shows.

Crack values for HSFO 380 cts FOB Singapore June, July and August paper prices fell to -$7.61/b, -$7.24/b and -$7.11/b respectively versus Brent futures, down 68 cts, 65 cts, and 51 cts from Tuesday.

Cracks for Rotterdam HSFO barge paper for June, July and August paper fell 52 cts, 44cts and 29 cts from Friday to -$9.37/b, -$9.27/b, and $-9.31/b amid the rally in crude.

Singapore residual fuel oil stocks hit a four-month high in mid-April, and the country, the second biggest bunker port in the world, introduced travel restrictions on Tuesday to curb the spread of Covid-19.

Tighter restrictions will be reimposed from May 8 to May 30, the Singapore government said.

The east/west spread between the two HSFO markets also narrowed a dollar in June and 50 cts in July and August to $11.50/mt, $12.50/mt and $13/mt respectively.

Across the Indian Ocean, stocks at the UAE bunkering port of Fujairah also remain high, with residual fuel stocks close to a nine month high at 14.85 million barrels, a draw of just 221,000 barrels on the week.