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SINGAPORE: Asia’s 0.5% very low-sulphur fuel oil (VLSFO) market complex extended gains on Tuesday, boosted by a tight near-term supply outlook amid limited refinery output and a lack of blendstock materials.

The front-month VLSFO time spread climbed to a fresh 21-month high of $11.25 a tonne while the front-month crack edged up to a three-session high of $13.63 a barrel above Dubai crude, Refinitiv data in Eikon showed.

In the physical market, the VLSFO cash premium climbed 41 cents from the previous session to a near two-year high of $9.92 a tonne above Singapore quotes on Tuesday. The cash differential was at a $2.72 per tonne premium at the start of the month.

No VLSFO or high-sulphur fuel oil (HSFO) cargo trades were reported in the Singapore trading window.

India’s HPCL offered up to 25,000 tonnes of HSFO for prompt loading from Mumbai over Dec. 1-3 in a tender that closed on Nov. 22. The results of the tender could not yet be confirmed. India’s MRPL sold a 40,000-tonne cargo of 0.5% VLSFO loading from New Mangalore over Dec. 10-12 to BP at an unknown price level on a free-on-board (FOB) basis.

Royal Dutch Shell has halved its crude processing capacity at its Singapore hub and reduced fuel exports, executives said on Tuesday, as the oil major transitions from fossil fuels to cut emissions and meet global low-carbon energy needs.

The United Arab Emirates has started building “the first green hydrogen plant in the Middle East” and testing is currently underway, Energy Minister Suhail Al-Mazrouei said on Tuesday.

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