Cash discounts for 380-cst fuel oil fell to minus $1.94 a tonne to Singapore quotes, from a discount of $1.20 per tonne in the previous session.

Aggressive offers from suppliers of the 380-cst bunker fuel with some seeking to clear their landed inventories, also weighed on ex-wharf and delivered differentials trade sources said.

380-cst delivered fuel oil deals were heard to have concluded at $372.50 and $374 per tonne, trade sources said.

WINDOW TRADES

- Four cargo trades were reported in the Singapore trading window on Thursday, totalling 80,000 tonnes of 380-cst fuel oil, the highest volume since March 13.

- Trafigura bought three of the cargoes and Gunvor bought one.

- Hin Leong supplied three of the cargoes, each at $369 per tonne, and Glencore sold one at $370 per tonne.

- Hin Leong, the leading buyer of 380-cst cargoes in the Singapore window since January, on Thursday turned into a seller of the fuel for the first time since Nov. 10.

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INVENTORIES

- Singapore weekly onshore fuel oil inventories rose 1.5 percent, or 349,000 barrels (52,000 tonnes), to a fresh 2018 high of 24.22 million barrels (about 3.61 million tonnes) in the week ended March 21, data from International Enterprise (IE) Singapore showed on Thursday.

- This came as weekly net imports of fuel oil into Singapore climbed 75 percent from the week before to a three-week high of 869,000 tonnes.

- Singapore fuel oil imports were at a three-week high of 1.36 million tonnes, while exports were at a five-week low of 495,000 tonnes.

- Compared with year-ago levels, the latest onshore fuel oil inventories were 11 percent lower.

- Singapore's net exports of fuel oil to China topped the week at 198,000 tonnes, followed by Hong Kong with 67,000 tonnes and Bangladesh with 33,000 tonnes.

- The largest net imports into Singapore originated from the Netherlands at 312,000 tonnes, followed by Malaysia at 262,000 tonnes, Iraq at 185,000 tonnes and Russia at 151,000 tonnes.

- Fuel oil imports into Singapore from Venezuela were absent for a fifth consecutive week, the longest absence since January 2017, according to the data, while imports from the Netherlands were at their highest since the week to Jan. 4 last year.

- Fuel oil inventories in Singapore have averaged 22.326 million barrels (3.33 million tonnes) a week since the start of 2018.