Asia’s spot market differentials for key fuel oil grades were down on Monday, amid high supplies and increasing inventories, traders and analysts said.
A very low sulphur fuel oil (VLSFO) trade emerged at the Singapore window after a gap of more than a month.
Spot differential for 380-cst grade traded at discounts of $6.53 per metric ton to cargo quotes. Meanwhile, 180-cst grade was offered at much steeper discounts of about $8 per ton.
OTHER NEWS
– Indonesian state energy firm PT Pertamina said on Monday it has initiated the start-up of the residual fluid catalytic cracking (RFCC) unit at its Balikpapan refinery.
– Two Indian state refiners have purchased 5 million barrels of crude oil from spot markets via tenders as they continue to scout for alternatives to Russian supplies, trade sources said.
WINDOW TRADES
– 180-cst HSFO: No trade
– 380-cst HSFO: One trade
– 0.5% VLSFO: One trade
Source: Reuters
