The 0.5% VLSFO cash differential was at a discount of $1.25 per tonne to Singapore quotes at the Asia close (0830 GMT), compared with a premium of $1.75 per tonne the previous day.
Asia's VLSFO market has been under pressure since February, weighed by slow bunkering demand and prospects of strong supplies. Aggressive selling interest persisted into the first week of April, with trading house Gunvor offering the product at a discount of $1 per tonne on Tuesday, for loading dates in the later half of April.
Meanwhile, the market's front-month crack closed at $7.30 a barrel at Tuesday's Asia close.
OTHER NEWS
- Oil prices posted gains on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy.
- India cut its windfall tax on crude oil to zero from 3,500 rupees ($42.56) a tonne and halved the tax on diesel to 0.5 rupee per litre, a government notification said on Tuesday. - Iraq's federal government and the Kurdistan Regional Government (KRG) have reached a final deal to restart northern oil exports to be announced Tuesday, official sources told Reuters. - Record volumes of Russian diesel poured into the Middle East in March, shiptracking data showed, as traders cashed in on low prices to stock up the fuel at the Fujairah hub of the United Arab Emirates and in Saudi Arabia, which is boosting exports.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 581.65 4.98 576.67 Diff - 0.5% VLSFO -1.25 -3.00 1.75 Cargo - 180cst 459.03 1.23 457.80 Diff - 180cst 2.15 -0.33 2.48 Cargo - 380cst 459.84 2.47 457.37 Diff - 380cst 8.25 0.00 8.25 Bunker (Ex-wharf) Premium - 380cst 11.00 -1.00 12.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 9.00 0.00 9.00
For a list of derivatives prices, including
margins, please double click the RICs below.
Brent M1 180cst M1 180cst M1/M2 180cst M2 Visco M1 Visco M2 380cst M1 380cst M1/M2 380cst M2 Cracks 180-Dubai M1 Cracks 180-Dubai M2 East-West M1 East-West M2 Barges M1 Barges M1/M2 Barges M2 Crack Barges-Brent M1 Crack Barges-Brent M2 (Reporting by Jeslyn Lerh; Editing by Krishna Chandra Eluri)
