Asia’s cash premium for very-low sulfur fuel oil (VLSFO) eased further on Monday as offers dipped from the previous week, with its recent rally losing steam in line with market expectations.
The 0.5% VLSFO cash premium dipped to $14.75 a metric ton over cargo quotes, while its refining crack closed lower at a premium of $13.22 a barrel at the Asia close (0830 GMT).
The market had rallied higher earlier in the month on strong bidding, but expectations of ample imports capped further strength.
Meanwhile, the spot-high sulfur fuel oil (HSFO) market started the week on a stable note in Asia.
The 380-cst HSFO cash premium gained slightly at $2.95 a metric ton on Monday, though its crack spread eased to a discount of $6.90 a barrel, after hitting more than one-year highs last week.
Source: Hellenic Shipping News
