A surge in arbitrage shipments from Europe has lifted the region's fuel oil refining margins to the strongest levels seen in the past four years, according to Argus Global Markets. Bunker grade fuel oil's discount to Russian medium sour Urals crude narrowed to under $6.30/b on 1 August, its narrowest since June 2012 (see Figure 1). The strengthening comes after spot long-haul exports of fuel oil from Europe rose by more than 43% from June to over 480,000 b/d in July. Shipments to Singapore of 360,000 b/d in July were up from under 140,000 b/d a month earlier.
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机译：据阿格斯全球市场公司（Argus Global Markets）称，来自欧洲的套利运输量激增，使该地区的燃油精炼利润率达到了过去四年来的最高水平。邦克级燃料油对俄罗斯中级乌拉尔原油的折扣在8月1日收窄至$ 6.30 / b，为2012年6月以来最低（见图1）。在欧洲现货燃料长途出口较6月份增长超过43％至7月份的480,000桶/日之后，这种增长有所加强。 7月份向新加坡的出货量为360,000桶/日，高于一个月前的不足140,000桶/日。
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