Resid/bunkers: Singapore inches lower

摘要

The benchmark FOB Singapore high sulfur fuel oil prices inched lower from its 2009 record high price, as the market continued to feel some selling pressure, traders said Tuesday. The recent high prices could lead to demand destruction for physical cargoes around the region, said traders. At the same time, the high prices have left physical premiums shrinking a little, but traders in Asia were optimistic the market will stay afloat in the long term. Higher volume of Western arbitrage material expected to arrive over the next two months was keeping sentiment soft, traders said. Arbitrage volumes in August and September were seen at more than 3.5 million mt/month, compared with 3.2-3.5 million mt in July, trade sources said.