Cash premiums for fuel oil inched higher in Asia on Monday, while Kuwait’s KPC offered more high sulphur fuel oil (HSFO) via tender.
The refiner offered 80,000 metric tons of 380-cst HSFO for loading in end-January via a tender that closes on Tuesday, trade sources said.
It previously offered a semi-term tender for loading HSFO between February to April.
Despite ample HSFO supplies in the wider market, cash premiums edged slightly higher in Asia on Monday as the product traded firmer.
Cash premium for 380-cst HSFO rose to $4 a ton, while February cracks were at discounts of $11 to $12 a barrel.
Meanwhile, the very low sulphur fuel oil (VLSFO) market also rebounded slightly amid stronger bids.
Cash premium MFO05-SIN-DIF rose to $2.48 a ton, while cracks were at premiums of $10 to $11 a barrel.
Source: Hellenic Shipping News
