SINGAPORE: The cash premium for very low sulphur fuel oil (VLSFO) dipped on Tuesday amid expectations of a steady influx of arbitrage supplies this month.
Fuel oil supplies from the West to Asia are expected to hit close to 2.5 million tonnes this month, stable from last month and remaining higher than the typical monthly average of 2 million tonnes, Refinitiv ship-tracking data showed.
The 0.5% VLSFO cash premium fell by $1.32 day-on-day to $19.77 per tonne to Singapore quotes on Tuesday, though a seasonal demand uptick from North Asia limited declines.
The 180-cst HSFO cash differential fell by 76 cents to a discount of $4.09 per tonne to Singapore quotes, while the 380-cst HSFO cash differential inched slightly higher to a premium of $1.12 over Singapore quotes on Tuesday.
India’s HPCL offered about 25,000 tonnes of 380-cst HSFO for loading between Oct. 23-28 from Vizag, in a tender that closes on Oct. 11.
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