Chemicals Updates

Asia and Middle East Fuel Oil Daily Market Analysis / LSFO swaps spread strengthens, cash premium jumps / HSFO cash differentials flip back into premiums / Singapore bunker sales hit 3-month high in June

Jul 17, 2026

The Asian low sulfur fuel oil market structure and refining margins firm July 15, buoyed by supply woes, while the cash differential for the IMO 2020-compliant marine fuel grade rises for a sixth straight session to its highest premium in nearly three weeks. The Singapore marine fuel 0.5% August- September swaps time spread is pegged at $41/ metric ton in midafternoon trading July 15, compared with assessment of $40.25/mt at the Asian close July 14. The M1-M2 intermonth spread for FOB Singapore 0.5%S marine fuel swaps averages a backwardation of $19.98/mt so far in July, compared with an average of $19.27/mt in H2 June, data show. The Singapore front-month crack spread for 0.5%S marine fuel against ICE Brent futures is assessed at $3.17/barrel firmer day over day at $20.86/b July...

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