**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

"Singapore has three things going for it: excellent bunkering infrastructure, tank storage and blending expertise," a supplier said.

**US demand falling seasonally and on COVID-19 **NWE gasoline crack near negative territory

**Commercial crude stocks expected down 1.3 million barrels **Refinery runs expected at 78.2% **Gasoline stocks expected 800,000 barrels higher