NEW DELHI: Asia’s very low sulphur fuel oil (VLSFO) markets rose for the eight straight session on Tuesday even as crude oil benchmarks firmed and trade remained limited.
The spot cash premium for 0.5% VLSFO was at $20.76 a tonne to Singapore quotes, compared with $20.26 a tonne a day earlier.
The spot 380-cst high sulphur fuel oil (HSFO) cash differential traded at $8.10 a tonne, compared with $8.83 a tonne on Monday.
China National Offshore Oil Corp, or CNOOC, plans to shut down part of its Huizhou refinery in south China for a major plant overhaul in March that lasts for up to 50 days, said two sources with knowledge of the plan on Tuesday.
China is willing to forge a closer partnership with Russia on energy issues to ensure global energy security, President Xi Jinping said on Tuesday, as the G7 grouping of nations prepares to impose new measures on Russia’s oil exports.
Oil jumped on Tuesday, buoyed by hopes that China would relax its Covid-19 controls after rare protests against the country’s zero-Covid strategy over the weekend in big Chinese cities.
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