Asia’s spot premium for very low sulphur fuel oil (VLSFO) continued its rally on Thursday amid a backdrop of tight prompt supply
The cash premium was pegged above $22 per metric ton to Singapore quotes, while backwardation for the balance-September and October contract widened to $30.50 per ton.
Onshore inventories in Singapore recovered slightly in the week, latest data showed Thursday. but hovered below weekly average levels in August
Weekly imports into the onshore storage tanks dropped for a third consecutive week, the data showed.
High sulphur fuel oil (HSFO) benchmarks also extended gains this week, with cash premium for the 380-cst grade pegged above $13.50 per ton on Thursday
Source: Reuters (Reporting by Jeslyn Lerh.)
