Asia’s high sulphur fuel oil cash differentials remained week on Monday as oversupply concerns persisted.
Singapore’s 380-cst HSFO cash premium dropped for an eighth straight session to $14.92 a metric ton. The very low sulphur fuel oil (VLSFO) fell by 22 cents to about $14 per ton.
Trading activity at the deals window remained tepid for a third consecutive session. Market participants said Asian players are expecting more supplies from the Middle East and Africa.
OTHER NEWS
– Oil prices climbed in choppy trade on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine, which could increase supply of Russian crude to global markets.
– U.S. and Russian officials began talks in Saudi Arabia on Monday aimed at making progress towards a broad ceasefire in Ukraine with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement.
– China Petroleum & Chemical Corp, known as Sinopec, reported a 16.8% decline in 2024 net profit, citing lower crude oil prices and the accelerated development of the new energy vehicle (NEV) industry.
WINDOW TRADES
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trade
Source: Reuters
