While fuel-oil stocks across the globe fell 28.3 from Sept. to Dec. 2019 ahead of the 0.5-sulfur cap taking effect as the bunker market was in a backwardation, the pandemic's impact on prices and demand has caused worldwide inventories to rise 32.6 as the market entered a contango. In addition, the 0.1-/0.5-sulfur marine fuel spread has narrowed, which has increased the investment payback for scrubbers and prompted SP Global Platts to forecast 3.1K units to be installed by the end of the year, compared to 3.4K units previously projected.
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