SINGAPORE: Asia’s cash discounts for 0.5% very low-sulphur fuel oil (VLSFO) narrowed on Tuesday, buoyed by firmer buying interests in the physical market.
The differentials, however, stayed within close sight of their weakest levels in more than eight months, partly due to plentiful supplies in the region.
Cash discounts for Asia’s 0.5% VLSFO were at $2.12 per tonne to Singapore quotes, compared with a discount of $2.69 per tonne a day earlier. The VLSFO differentials had hit minus $3 a tonne last week, their lowest since September.
The front-month VLSFO crack rose to $13.31 per barrel against Dubai crude during Asian trading hours on Tuesday, up from Monday’s $10.49 a tonne, Refinitiv Eikon data showed.
Meanwhile, cash discounts for 380-cst HSFO narrowed to $2.57 per tonne to Singapore quotes on Tuesday, compared with a discount of $2.65 a tonne on Monday.
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