For the week ending June 19, demand for HSFO is expected to improve as more refiners run high-sulfur straight-run fuel oil instead of Middle Eastern medium/heavy grades, for which official selling prices have been increased. As a result, the Singapore HSFO swaps curve has strengthened to negative-$2.75/mt on morning trading on June 15 from negative-$$3.25/mt on June 12. In addition, the Singapore-delivered 380-cst bunker prices are expected to remain at a premium to Singapore 380-cst HSFO cargo prices with the spread being assessed at $17.86/mt ($2.67/bbl) on June 12. In Japan, lower domestic refinery runs have boosted Tokyo Bay-delivered 380-cst bunker prices to a $10.86/mt ($1.62/bbl) premium to Singapore 380-cst HSFO cargoes on June 12, compared to a $1.11/mt (16.6￠/bbl) discount the day prior.
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