Higher winter demand in northeast Asia and tightening supply have buoyed Singapore fuel oil margins at record levels. Singapore 180cst fuel oil’s premium to benchmark Dubai crude was $3.49/ bl on 20 November, the highest in over a decade. Fuel oil’s rise to a premium to Dubai in Singapore from its more typical discount has been underpinned by US sanctions on Iran and refinery upgrades in Russia, the Mideast Gulf, Europe and India, which have tightened supplies.
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