SINGAPORE: Asia’s cash premiums for 0.5% very low-sulphur fuel oil (VLSFO) slipped on Friday, but stayed within close sight of a more than three-month high touched in the previous session, while the prompt-month spread for the marine fuel grade narrowed its backwardation.
Cash differentials for Asia’s 0.5% VLSFO were at a premium of $20.87 a tonne to Singapore quotes, down from Thursday’s $21.69 per barrel which was the highest since Dec. 6.
The March/April VLSFO time spread traded at $30.50 per barrel on Friday, compared with $32.75 per barrel a day earlier.
The front-month VLSFO crack dropped for a second consecutive session to $29.66 per barrel against Dubai crude during Asian trade on Friday. The crack was at $30.59 on Thursday, after hitting a record high of $31.79 on Wednesday.
Asia’s cash premiums for 380-cst high sulphur fuel oil (HSFO) were at $5.19 per tonne to Singapore quotes on Friday, compared with $7.50 per tonne in the previous session.
Fuel oil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub slipped 1.4% to 1.04 million tonnes in the week to March 10, data from Dutch consultancy Insights Global showed.
The data showed ARA gasoil inventories dropped 1.7% to 1.6 million tonnes. One 380-cst high-sulphur fuel oil (HSFO) deal, no 180-cst HSFO trades. No VLSFO trades were reported.
Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Oil majors BP and Shell have not offered spot diesel cargoes for sale on the German market for the last two weeks, for fear of a supply shortage, two traders said on Thursday.
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