Fuel oil cash differentials fell in Asia on Monday after the market structure weakened for the prompt months, while a new trading week kicked off with the Asia Pacific Petroleum Conference (APPEC).
Singapore’s 380-cst high sulfur fuel oil (HSFO) cash differential slipped to a premium of $6.98 a metric ton, while October crack fell to a discount of $10.07 a barrel at 0830 GMT.
Cash differential for 0.5% very low sulfur fuel oil (VLSFO) closed at a premium of $4.66 a ton while refining crack for October eased to a premium of $7.84 a barrel.
APPEC 2023
– Global crude oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although sour crude will stay tight, said Russell Hardy, chief executive of the world’s largest independent oil trader, Vitol.
– The market sees the fair price for oil at $72 to $88 per barrel, a senior official at global commodities trading Trafigura said on Monday, adding that he sees risks to the upside.
– The Group of Seven’s price cap on Russian oil is still effective in limiting Russia’s revenue and oil supplies, a senior U.S. Treasury official told the APPEC conference on Monday
Source: Hellenic Shipping News
