Asia and Middle East Fuel Oil Daily Market Analysis / LSFO market structure firmer, cash premium gains WOW / Benchmark 380 CST HSFO cash premium up on active trading / The Asian LSFO market structure was seen strengthening its backwardation further July 20, / buoyed by concerns over near-term supplies due to the re-escalating Middle East war. The / Singapore marine fuel 0.5% balance July- August swaps time spread was pegged at a firmer / backwardation of $40.25/metric ton in midmorning trading July 20, compared with of the / spread at $38.75/mt at the Asian close July 17. The M1-M2 intermonth spread for FOB / Singapore 0.5%S marine fuel swaps averaged a backwardation of $22.20/mt in the first half / of July, compared with an average of $19.27/mt in H2 June, data showed. the Singapore / marine fuel 0.5%S cargo’s cash differential over the Mean of Singapore marine fuel 0.5%S / assessments at a premium of $25.25/mt at the Asian close July 17, up $2/ mt day over day / and 27.2% week over week. In the downstream bunker market, the Singapore-delivered / marine fuel 0.5% bunker premium against the benchmark Singapore marine fuel 0.5%S cargo / values rose 40.3% week over week to $91.86/mt July 17, amid expectations of fewer / based traders. the spread between the Singapore 0.5%S marine fuel cargo and the FOB / Asia’s HSFO fundamentals also remain buoyed by dwindling supplies, but easing seasonal / strength in power generation consumption and sluggish feedstock demand from refiners / Singapore 380 CST HSFO August-September swaps time spread was pegged at a / spread at $12.25/mt at the Asian close July 17. the Singapore 380 CST HSFO cargo’s cash / differential to the MOPS 380 CST HSFO assessments at a premium of $3.75/mt at the Asian / lower by persistently competitive offers from Aramco Singapore during the Market on Close / assessment process in the week to July 17. The Singapore 180 CST HSFO cargo cash / differential to the MOPS 380 CST HSFO assessments remained unchanged day over day at a / FOB Singapore Marine Fuel 0.5% cargo Daily Rationale & Exclusions / Marine Fuel 0.5% FOB Spore cargo $/mt <AMFSA00> Assessment Rationale: The FOB / Marine Fuel 0.5%S August-September swaps time spread, which was assessed up / $2.25/metric ton day over day at a wider backwardation of $41/mt. This assessment / commentary applies to the market data codes Marine Fuel 0.5% FOB Spore cargo $/mt / <AMFSA00>. Exclusions: No market data was excluded from the July 20 Market on Close