Daily Market Analysis of Fuel Oil in Asia and the Middle East – Platts

• The cash differential for 0.5%S marine fuel has moved into negative territory.
• The 380 CST HSFO cash differential has shifted to a premium.
• Singapore’s fuel oil stocks declined by 4.2% week-on-week, driven by a reduction in imports.

On September 19, the Asian low-sulfur fuel oil market remained stable, supported by ample prompt supplies and subdued downstream demand. The marine fuel cash differential recorded a discount for the first time in four sessions, driven by competitive cargo offers.

The Singapore marine fuel 0.5% October–November swaps time spread was in contango at $0.50/metric ton. Platts assessed the Singapore marine fuel 0.5%S cargo differential at a $0.50/mt discount, down from a $1/mt premium on September 17, representing the lowest differential since September 12.

The delivered marine fuel 0.5%S bunker premium was assessed at $10.33/mt, down from $10.91/mt, marking its lowest level since July 11. The 380 CST HSFO October–November swaps spread remained stable at a $3.80/mt premium.

On September 18, the cash differential for 380 CST HSFO turned positive for the first time in over a week, driven by stronger bids from PetroChina, and was assessed at a $0.60/mt premium. Conversely, the 180 CST HSFO differential remained unchanged at a $1.58/mt discount.

Singapore’s heavy distillate stockpiles declined 4.2% week-on-week to 25.4 million barrels for the week ending September 17. Fuel oil imports fell 20.1% to 595,226 mt, with Asian suppliers accounting for 59% of the total volume. Imports from the Middle East dropped sharply by 89% to 33,698 mt.

Source: Platts, S&P Global Commodity Insights – September 19, 2025