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SINGAPORE: Asia’s cash premiums for 0.5% very low-sulphur fuel oil (VLSFO) edged higher on Wednesday, while the front-month crack for the marine fuel grade rose as crude prices slipped.

Cash premiums for Asia’s 0.5% VLSFO rose 13 cents to $13.91 a tonne to Singapore quotes.

The front-month VLSFO crack climbed to $18.12 per barrel against Dubai crude during Asian trading hours, compared with $17.84 a barrel on Tuesday.

Tight supplies have pushed Asia’s refining margins for very low sulphur fuel oil (VLSFO) to two-year high last week, but they may ease over the coming weeks as peak winter demand recedes and refineries increase output, analysts and industry sources said.

Meanwhile, the 380-cst HSFO barge crack for January traded at a discount of $12.98 a barrel to Brent on Wednesday, while cash differentials for 380-cst high sulphur fuel oil (HSFO) were at a premium of 46 cents per tonne to Singapore quotes.

Fujairah Oil Industry Zone (FOIZ) inventories for heavy distillates and residues fell 4.2%, or 474,000 barrels (about 71,000 tonnes), from the previous week to 10.9 million barrels (1.6 million tonnes), data via S&P Global Platts showed.

Compared with year-ago levels, the weekly fuel oil inventories at FOIZ were about 11% higher.

Fuel oil stocks at FOIZ averaged 10.2 million barrels so far this year, compared with a weekly average of 10.3 million barrels in 2021, Reuters calculations showed.

Three 180-cst high-sulphur fuel oil (HSFO) deals, one 380-cst HSFO trade.

Oil prices slipped for a third session on Wednesday on profit taking due to concerns of a possible rise in supplies from Iran despite industry data showing a surprised drop in US oil inventories.

Japan will raise its gasoline subsidy for oil distributors to 5 yen a litre for the week starting on Thursday, the country’s industry ministry said on Wednesday in its website.

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