SINGAPORE: Asia’s front-month crack for 0.5% very low-sulphur fuel oil (VLSFO) eased on Monday, while cash premiums for the marine fuel grade dipped on muted buying interests in the physical market.
The front-month VLSFO crack fell to $18.92 per barrel against Dubai crude during Asian trading hours, compared with $19.64 per barrel on Friday.
Cash differentials for Asia’s 0.5% VLSFO were at a premium of $16.97 a tonne to Singapore quotes on Friday, compared with $17.30 per tonne at the end of last week.
Meanwhile, Asia’s cash premiums for 380-cst high sulphur fuel oil (HSFO) dropped to $1.51 per tonne to Singapore quotes on Monday, 9 cents lower from Friday. The 380-cst HSFO barge crack for January traded at a discount of $12.98 a barrel to Brenton Monday, compared with minus $12.73 a barrel on Friday. One 380-cst high-sulphur fuel oil (HSFO) deal, no 180-cst HSFO trades.
NO VLSFO trades were reported.
Oil prices rose slightly on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel. OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices.
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