Very low-sulfur fuel oil (VLSFO) markets in Asia will likely stay flat or slightly bearish in the near term, industry experts say, with factors like floating storage near Singapore key to shaping the outlook. Fuel oil market expectations have overturned in the past year. VLSFO markets were expected to be tight this year after the International Maritime Organization’s sulfur cap kicked in, but quickly turned bearish amid ample supply, relatively smooth bunker blending and the impact of Covid-19 (IOD May28’20).
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