SINGAPORE: Asia’s 0.5% very low-sulphur fuel oil (VLSFO) market complex rose on Thursday, with physical cargo premiums and derivatives in the paper market posting narrow gains after hitting multi-week lows in the previous session.
Front-month backwardation in the VLSFO market climbed to $10.75 a tonne on Thursday, up from a near two-month low of $9.25 a tonne in the previous session, Refinitiv-Eikon data showed.
Similarly, the front-month VLSFO crack rose to $12.95 a barrel above Dubai crude, up by 15 cents from Wednesday’s two-month low, the data showed. VLSFO cash premiums climbed to $13.15 a tonne to Singapore quotes, up from a near six-week low of $10.43 a tonne earlier in the week.
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