The spot cash premium for very low sulphur fuel oil (VLSFO) in Asia fell for a third consecutive session as more supplies are set to hit the East in the coming weeks.
Kuwait’s Al Zour has offered 120,000 tonnes of 0.5% VLSFO for loading between March 7 and 8, in a tender that closes Tuesday.
Total fuel oil supplies into Asia are expected to breach 5.5 million tonnes for February, latest assessments by Refinitiv Oil Research showed on Tuesday. This compared higher from January, led by an uptick in both Western and Middle Eastern supplies.
The 0.5% VLSFO cash differential (MFO05-SIN-DIF) declined to a premium of $17 a tonne on Tuesday, nearing a four-week low.
The market’s front-month refining margin also fell at the Asia close (0830 GMT) on Tuesday, at a premium of $11.64 a barrel.
OTHER NEWS
WINDOW TRADES
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: One trade
Source: Hellenic Shipping News
