Due to abundant supply of marine crude, Shandong's imports of straight-run fuel oil, mostly from Singapore and Southeast Asia, are likely to drop notably.
Meanwhile, importers in Shandong show stronger interest in Russian M100 fuel oil, due to higher performance-price ratio over blended resources from Southeast Asia after the prices for the former dropped, said traders. After the CFR premium for M100 fuel oil declined more than US$7/mt for the latest term tender, traders became eager to sell out their cargoes for October, which enabled Shandong independent refineries to buy such cargoes for CFR premium of US$36-37/mt.
One VLCC cargo of Venezuelan fuel oil is scheduled to reach China this month, flat to the previous month, the shipping schedule indicates.
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