FIS: Fuel Oil Daily Evening Report

Portuguese bunker demand rose in the second quarter, and the country’s oil company Galp saw a 90% jump in profits from a sharp increase in its refining margins.

China’s fuel oil exports slumped 7.3% over the first half of the year, compared to a year earlier. That was equal to a drop of 320,000 b/d and came amid plans to expand the country’s bunkering industry with a sharp rise in domestically produced barrels.

Singapore’s VLSFO crack was pegged at $14.25/t at close.

Rotterdam’s VLSFO crack finished the day trading at $7.20/mt.