Scrubber's uptick in the marine sector amid a favorable Hi-5 spread along with demand for high sulfur fuel oil for power consumption in Asia is helping HSFO retain its sheen.
In Singapore, the world's largest bunkering port, January-July HSFO sales jumped 33.7% on the year, while many other ports in Asia such as India and Sri Lanka are seeing a marked rise in HSFO inquiries.
In the power sector, high global gas and LNG prices have incentivized switching of gas to oil, where applicable.
S&P Global Platts’ Dr. Kang Wu, head of global demand and Asia Analytics, and Rajesh Nair, managing editor for Asia residual fuels, discuss high sulfur fuels oils and their evolving role in the market with Surabhi Sahu, senior editor for petroleum news.