The spot high sulphur fuel oil (HSFO) market for the 380-cst grade sank into a discount on Thursday, as selling interest picked up for cargoes loading in the second half of February.
At least six sellers emerged to offer 380-cst HSFO in the spot market on Thursday, with some offers seen in discounts to cargo quotes.
The Singapore 380-cst HSFO cash differential fell to a discount of $3.56 a metric ton, while cracks dipped to discounts of about $12.50 a barrel.
Meanwhile, 0.5% very low sulphur fuel oil (VLSFO) also eased from the previous day, with cash premium sliding to $6.42 a metric ton, while cracks declined to premiums near $12 a barrel.
Kuwait’s Al Zour had offered more VLSFO for loading in February, industry sources said. The tender closes on Thursday with same-day validity.
The broader East of Suez region remains amply supplied, with Singapore onshore fuel oil inventories at more than a nine-month high, latest official data showed.
Source: Hellenic Shipping News
