Spot premiums for fuel oil climbed on Monday after bids for November cargoes inched higher.
Singapore 380-cst high sulphur cash premium was pegged at $7.25 a metric ton. Meanwhile, cash premium for 0.5% very low sulphur fuel rose to $7.75 a metric ton.
However, the gains were capped amid an uptick in arbitrage supplies to Asia this month, while regional supplies in Asia remained plentiful.
Indonesia’s Pertamina offered a cargo of 200,000 barrels of V1250 LSWR fuel for loading between Nov. 16 and 17 from Balikpapan, in a tender that closed on Monday.
Separately, Thailand’s PTT offered 35,000 tons of low sulphur fuel for loading between Nov. 16 and 18 from Map Ta Phut, via a tender that also closed on Monday.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shailesh Kuber)
