SINGAPORE: Asia's 0.5percent very low-sulphur fuel oil (VLSFO) front-month crack rose on Wednesday, ending a four session losing streak. The front-month VLSFO crack rose to $11.53 a barrel above Dubai crude, up from a near two-month low of $11.27 at the start of the previous week, Refinitiv data on Eikon showed.
Similarly, the VLSFO cash premium and front-month time spread also edged higher on Thursday after coming off of their recent highs hit in mid-July. Fuel oil inventories in the Fujairah bunkering and storage hub fell 5percent to a three-week low in the week ended July 26, data released on Wednesday showed.
Fujairah Oil Industry Zone inventories for heavy distillates and residues fell by 552,000 barrels, or about 87,000 tonnes, to 11.21 million barrels, or 1.77 million tonnes, data via S&P Global Platts showed. Fujairah's fuel oil inventories were 23percent lower than year-ago levels.
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