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SINGAPORE: Cash differentials for high sulphur fuel oil (HSFO) declined further on Monday, while the market’s balance-month timespreads slipped into a contango.

The 180-cst HSFO cash differential fell by $1.02 to a premium of $3.59 per tonne to Singapore quotes, while the 380-cst HSFO cash differential slid by $1.13 to a discount of $2.30 per tonne.

The 380-cst HSFO market had slipped into discounts on Friday as prospects of more incoming supplies weighed on the spot market.

Meanwhile, the very low sulphur fuel oil (VLSFO) market kicked off the new trading week on a stable note as activity was largely thin. The 0.5% VLSFO cash differential dipped by 54 cents to a premium of $1.34 per tonne on Monday. The market has been hovering around thin premiums during recent sessions.

Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, though the global fuel demand outlook remains overshadowed by COVID-19 restrictions in China.

Iran has agreed to release the crews of two Greek tankers it seized in May in the Gulf, in response to the confiscation of oil by the United States from an Iranian-flagged tanker in Greece, the Greek union of commercial ships’ seafarers said.

The US Treasury on Friday issued new guidance on a proposed Western price cap on Russian oil exports, saying that maritime services providers would not be held liable for false pricing information provided by buyers and sellers of Russian crude.

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