Daily Market Analysis of Fuel Oil in Asia and the Middle East – Platts
August 2025
- Refining Margin for 0.5% Sulfur Marine Fuel Declines
- Cash Discounts on HSFO Narrow as Bids Strengthen
- Singapore Fuel Oil Inventories Fall to Three-Week Low
Asian low-sulfur fuel oil refining margins weakened on August 15, reflecting a stable market structure and cash differentials amid subdued demand and ample supply. The Singapore front-month crack spread for 0.5% sulfur marine fuel against ICE Brent futures declined from $9.78/b to $9.44/b, representing a 2.4% decrease for the week.
The September–October swaps time spread remained stable at $2.25/mt. The cargo differential for Singapore’s 0.5% sulfur marine fuel held steady at a discount of $0.67/mt due to a lack of competitive bids.
In August, Singapore is expected to receive 2.8–2.9 million mt of low-sulfur fuel oil from Western markets, up from 2.3–2.4 million mt in July. The East–West spread for marine fuel assessments declined to $26.25/mt on August 14.
Singapore’s HSFO cash differential narrowed to a discount of $2.90/mt. Commercial HSFO stockpiles decreased to 24.6 million barrels, while fuel oil imports fell 4.8% to 718,904 mt. Imports from Europe dropped by nearly 95%, whereas imports from the Middle East increased threefold to 166,765 mt.
Source: Platts, S&P Global Commodity Insights – August 15, 2025