Asia Fuel Oil-Spot markets under pressure in ample supply

SINGAPORE, Aug 5 (Reuters) - Asia spot fuel oil markets remained under pressure in the near term, weighed by ample supply from various origins.

Incoming arrivals to Asia totalled more than 4.5 million metric tons for the month, ship-tracking data showed as of Tuesday, with more volumes expected to emerge in the coming weeks.

Total monthly arrivals are likely to remain little changed from last month, which also saw ample supplies and weighed on benchmarks, market sources and analysts said.

High sulphur fuel oil (HSFO) market remained steadily in discounts, while very low sulphur fuel oil (VSLFO) logged weakening premiums in recent sessions.

Refining cracks traded higher on Tuesday, though this was driven largely by weaker crude prices in recent sessions.

Singapore 380-cst HSFO crack firmed to a discount of $3.73 a barrel, while VLSFO crack rose to a premium of $9.36 a barrel, based on Dubai-basis values from LSEG.

OTHER NEWS

- Oil prices were little changed on Tuesday as traders assessed rising supply by OPEC+ against worries of weaker demand and U.S. President Donald Trump's new threats on India over its Russian oil purchases. O/R

- Russia-backed Indian refiner Nayara Energy has exported its first gasoline cargo since the privately-owned company was sanctioned by the European Union on July 18, according to four shipping sources and LSEG data.

- Ryazan oil refinery, operated by the Rosneft oil company, has halted around half its refining capacity since August 2 following a Ukrainian drone attack last week, three industry sources said.

- Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, mainly on lower revenue, while it racked up more debt.

WINDOW TRADES O/AS

- 180-cst HSFO: No trade

- 380-cst HSFO: No trade

- 0.5% VLSFO: No trade

ASSESSMENTS