NEW DELHI: Asia’s very low sulphur fuel oil (VLSFO) market extended gains on Monday, after crude oil prices dropped to their lowest in 15 months.
The cash differential for 0.5% VLSFO rose to $6.46 a tonne, compared with $5.23 a tonne on Friday.
The 180-cst HSFO cash differential was steady at $6.38 a tonne on Monday, while the 380-cst HSFO cash differential dipped by 25 cents to $6.22 a tonne.
In physical markets, energy trader P66 continued to snap up the higher grades of fuel. A total of 40,000 tonnes of fuel oil was traded at the Singapore window.
Oil prices fell on Monday by more than $2 on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in US interest rates this week.
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