OIL: Asia's Fuel Oil Market Softened With Prompt Availability Picking Up

Asia's fuel oil market structure softened further d/d, with front month spreads narrowing, while prompt supply availability picked up, * Arbitrage cargo volumes arriving in Asia this month are higher compared to the previous, leading to some easing in benchmarks. * Fuel oil arbitrage inflows, including from Russia, totalled between 2 and 2.5m tons for September, recovering over 70% versus August arrivals, LSEG data showed. * Regional supply inflows from exporters in Asia also edged higher m/m, leading to some cooling pressure on the markets. * Reflecting weaker market structure and timespreads, Singapore spot premiums for both HSFO and VLSFO were lower on Wednesday. * Meanwhile, The 380-cst HSFO crack traded lower to a discount of $1.17/bbl, while VLSFO's crack edged slightly higher to a premium above $23.50/bbl.