Refining cracks for fuel oil were steady in Asia on Wednesday, while spot cash premiums eased slightly on largely quiet trade.
The front-month crack spread for Very Low Sulphur Fuel Oil (VLSFO) closed at premiums of $8.35 a barrel, edging mildly higher from the previous day.
The VLSFO derivatives market has found steady ground this week following some sell-offs last week, though trade sources were keeping an eye on the sharp drop in the gasoline complex which could drag complex refining margins lower on the whole.
Meanwhile, High Sulphur Fuel Oil (HSFO) cracks were little changed, with front-month 380-cst margin holding between discounts of $4.30 to $4.40 a barrel.
Spot cash premiums for both high-sulphur and low-sulphur grades dipped slightly on Wednesday, with trading momentum largely thin.
Source: Hellenic Shipping News
