SINGAPORE: Asia’s front-month crack for 0.5% very low-sulphur fuel oil (VLSFO) dropped to its lowest in more than a week on Monday, while cash premiums for the marine fuel grade slipped on weaker deals in the physical market.
The front-month VLSFO crack climbed to $27.87 per barrel against Dubai crude during Asian trading hours, the lowest since March 4. It was at $29.66 per barrel on Friday.
Cash premiums for Asia’s 0.5% VLSFO fell to $18.17 a tonne to Singapore quotes, compared with $20.87 per tonne on Friday, while the March/April VLSFO time spread narrowed its backwardation on Monday to trade at $25.75 a tonne on Monday.
Asia’s cash premiums for 380-cst high sulphur fuel oil (HSFO) were at $4.34 per tonne to Singapore quotes on Monday, compared with $5.19 per tonne at the end of last week.
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