Asia’s spot cash premium for very low sulphur fuel oil (VLSFO) fell for a fifth consecutive trading day, though refining margins held steady.
Offers for VLSFO continued to soften from the previous session, with cash premium sliding to an eight-week low of $1.64 a metric ton.
Singapore’s spot VLSFO market has trended lower since mid-February after demand for marine fuel cooled off following robust sales in January.
Meanwhile, the 380-cst high sulphur fuel oil (HSFO) market recovered slightly in recent sessions.
The product’s cash differential narrowed day-on-day to a discount of $3 a ton, while cracks FO380DUBCKMc1 firmed to discounts of about $11.50 a barrel.
In tenders, Taiwan’s CPC is seeking 40,000 tons of LSFO for delivery in April. The tender closes on Wednesday with validity until Friday.
Source: Hellenic Shipping News
