HSFO Supplies Seen Ample in Asia Despite Falling Utility Demand
- Russian barrels and Middle East supplies may lead to ample HSFO availability in Asia in 2024
- Declining utility demand for HSFO expected in South Asia as shift to cheaper, cleaner fuels
- Incremental bunker demand from new scrubber-fitted ships entering market
- China HSFO imports capped but may rise if refining margins remain healthy
- Downstream HSFO sales rising but competitive pressures weigh on margins