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Asia fuel oil: 380-cst bunker plunges to over 5-1/2 year low on weak crude

[SINGAPORE] The 380-cst shipping fuel grade plunged to its lowest since April 2009 on Tuesday, dragged down by a sliding crude market that erased gains from earlier this week.

The 380-cst marine fuel stood at US$305 a tonne on Tuesday, down US$20 from the day before, Reuters data showed.

The benchmark Brent crude fell to a 5-1/2-year low below US$57 a barrel as a global supply glut overshadowed concerns of lost supply from Libya.

In other news, Singapore fuel oil stocks fell 1.157 million barrels to a two-week low of 19.625 million barrels in the week to Dec 29, data from IE Singapore showed.

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Exports to Hong Kong, which were absent the week before, recorded 107,000 tonnes. Imports from Russia and Saudi Arabia rose from zero the week before to 131,000 tonnes and 231,000 tonnes, respectively.

In tender news, Taiwan's Formosa Petrochemical Corp has offered 10,000 tonnes of pyrolysis fuel oil for loading over Jan 1-10 from Mailiao. Bids are to remain valid until Tuesday evening.