The refining margin for very-low sulphur fuel oil (VLSFO) edged slightly higher on Monday after its recent tumble to more than two-year lows.
The front-month crack spread for 0.5% VLSFO closed higher at a premium of $6.72 a barrel by 0830 GMT.
Meanwhile, cash differential for 0.5% was pegged at a discount of $2.40 a metric ton on Monday, as multiple offers persisted.
High sulphur fuel oil (HSFO) was little changed, with the 380-cst HSFO cash differential FO380-SIN-DIF at a premium of $12.25 a ton, while the product margin climbed to a discount of $7.06 a barrel.
In tenders, India’s MRPL offered vacuum gasoil (VGO) for loading in August. The tender closes on Tuesday.
BUNKER UPDATES
BP Marine, part of BP’s trading and shipping business, has entered a long-term supply agreement with transport company StraitNZ to supply marine biofuels at New Zealand’s port of Wellington, BP said in a recent statement.
This marks the first biofuel bunker supply at the port of Wellington and will commence from early 2024.
The fuel will include 24% used cooking oil methyl ester (UCOME) biofuel blended with VLSFO, the company said.
Source: Hellenic Shipping News
