Mediterranean 0.1% gasoil cargoes have climbed to their highest premium to their Northwest Europe counterpart due to tight supply in the region from low refinery run rates and a lack of Black Sea exports, sources said.

The little-known Texas GulfLink project led by upstart Sentinel Midstream arguably took the lead in the now-stalled race to build offshore crude exporting terminals in Texas after becoming the first such project to receive a draft environmental impact statement from the federal government.

Singapore's commercial onshore residue stocks edged 7.13% lower week on week to 25.751 million barrels, or 4.06 million mt, in the week to Dec. 2 amid a 27% surge in fuel oil imports, Enterprise Singapore data showed Dec. 3.

Global marine fuel 0.5%S markets saw increased prices and premiums to crude in November, and though the global economic recovery has helped, some concerns remain about whether an increase in run rates among refiners in coming months, causing another supply overhang.

Oil prices settled higher Dec. 4 as optimism surrounding US federal stimulus negotiations and a weaker dollar offset pandemic-driven demand concerns.

**3.5%S FO weakens on improved availability **0.5%S FO still supported, despite better availability

**Diverging demand profile for light and heavy naphtha **Weak arbitrage economics East

Lockdowns bearish for refining margins.

Governments called on to subsidize alternative fuels.

**Growing scrubber uptake bullish for HSFO **Lower refinery run rates supporting HSFO **Arbitrage window to Asia effectively closed

Global energy trading firm Vitol will pay nearly $164 million in penalties to US and Brazilian authorities following investigations of foreign bribes in Brazil, Mexico and Ecuador and attempted petroleum price manipulation, US authorities said Dec. 3.

Shipping sources said BW Confidence was sold for about low to -mid $40 million, but this could not be immediately confirmed.

BHP said it will charter the vessels from Eastern Pacific Shipping for five-year terms.

The company has earmarked total capex of Zloty 140 billion ($37.5 billion) in its 2030 strategy.

"Storage terminals around the world are filling up and approaching critical levels in the US, Europe and the Middle East, Asia and Africa," Paardenkooper said.

State-owned Norico also joined the quota holder list, receiving an allocation of 50,000 mt.

The complexity in having different approaches to sulfur verification for MARPOL-delivered samples versus in-use and on-board samples has raised concerns.

India is committed under the Paris Accord to reduce greenhouse gas emission intensity of its Gross Domestic Product by 33-35% below 2005 levels by 2030.

IMO said Nov. 17 that draft amendments to MARPOL on short-term measures to reduce the carbon intensity of shipping had been approved.

The regulation is not flag-neutral, and it will create a two-tier system of environmental protection in the Arctic.