SINGAPORE: Asia’s front-month crack for 0.5% very low-sulphur fuel oil (VLSFO) rose on Thursday, climbing to their strongest level in more than a week on tight regional supplies.
The VLSFO crack for May climbed to $21.65 per barrel against Dubai crude during Asian trading hours, the highest since April 19. The crack was at $21.39 per barrel on Wednesday.
Cash premiums for Asia’s 0.5% VLSFO, however, fell to $19.45 a tonne to Singapore quotes, from $21.58 per tonne a day earlier.
Meanwhile, Asia’s cash premiums for 380-cst high sulphur fuel oil (HSFO) were at $28.73 per tonne to Singapore quotes, as against a premium of $28.37 per tonne in the previous session.
Asian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall.
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