Strong power demand and tight supply have pushed prompt Singapore fuel oil to its highest premium to forward prices in three years. Prompt Singapore 380cst and 180cst fuel oil swaps rose to $10/t and $8.50/t premiums to second-month swaps in late July, the highest since June 2015 (see graph). Fuel oil margins to Mideast Gulf benchmark Dubai crude have frmed to their strongest in a year (see graph).
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