SINGAPORE: Asia's cash premium for 0.5% very low-sulphur fuel oil (VLSFO) dipped on Monday, but stayed within close sight of a multi-week high touched last week, supported by firmer buying interest for physical cargoes. Cash premium for Asia's 0.5% VLSFO was at $1.07 per tonne to Singapore quotes, down from $1.21 per tonne on Friday. The differential had hit $1.25 a tonne last Thursday, its strongest in more than two months.
The front-month VLSFO crack rose 20 cents to $12.42 per barrel against Dubai crude during Asian trading hours, Refinitiv Eikon data showed.
Meanwhile, the 380-cst high-sulphur fuel oil (HSFO) barge crack for January was at a discount of $11.96 a barrel to Brent, compared with minus $12.12 a barrel on Friday, Refinitiv data showed.
Asia's cash premium for 380-cst high sulphur fuel oil (HSFO) dropped to 45 cents per tonne to Singapore quotes on Monday.
Saudi Arabia, the world's top crude oil exporter, will supply full contractual volumes of August-loading crude to at least five Asian customers, sources with direct knowledge of the matter told Reuters on Monday.
Last week, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, failed to reach an agreement to increase output from August.
Mercuria sold 20,000-tonnes of 380-cst high-sulphur fuel oil (HSFO) to Trafigura at parity to Singapore quotes, while PTT sold another 20,000-tonnes of 380-cst HSFO to Vitol at parity to Singapore quotes.
Mercuria also sold a 40,000-tonne cargo of 0.5% VLSFO to P66 at a premium of $1.50 per tonne to Singapore quotes. Thailand implemented its toughest coronavirus restrictions in more than a year on Monday in Bangkok and surrounding provinces, with new curbs on movement and gatherings imposed and widespread suspensions by airlines and bus firms.
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