Singapore refining margin narrowest in nearly 5 years

Thanks to supply issues in major producers.

Singapore's benchmark 180-cst fuel oil refining margins settled on Tuesday at their narrowest discount to Dubai crude in almost five years on the back of robust seasonal demand, limited supplies and falling crude prices ahead of an OPEC meeting on Wednesday.

Refining margins for the benchmark 180-cst fuel oil have risen sharply this quarter, supported by supply issues in major producers like Russia and Venezuela as well as strong demand, said Nevyn Nah, oil products analyst at Energy Aspects.

In addition to the strong market fundamentals, traders said tumbling crude prices also contributed to the strengthening in fuel oil margins.

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