The Singapore 0.5% VLSFO front-month crack rose slightly from the previous session, ending at a premium of $8.62 a barrel at the Asia close (0830 GMT).
The market's cash differential climbed to a premium of $1.56 a tonne over Singapore quotes, as bids firmed from last week, though recovery remains capped as multiple offers and selling interest persisted. Pertamina offered 160,000 tonnes of decant oil and 200,000 tonnes of vacuum residue for end-April loading. The latest tender closes on Monday, sources said, though the outcome was not immediately clear.
The company previously sold 200,000 tonnes of vacuum residue for early April loading, past ship-broking records showed.
Meanwhile, Asia's hi-5 spread continued to narrow at the start of the new
trading week. The front-month spread closed at $127.25 a tonne on Monday.
A narrowing hi-5 spread typically reflects a stronger high-sulphur market and a weaker
low-sulphur market.
OTHER NEWS
- Oil steadied as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand.
- State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday. - Indonesia has put three oil and gas exploration blocks out for tender in its first bidding round of the year, with estimated resources of more than 2.4 billion barrels of oil and 9 trillion cubic feet of gas, its energy ministry said on Monday. - Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 593.31 5.83 587.48 Diff - 0.5% VLSFO 1.56 1.31 0.25 Cargo - 180cst 473.88 9.40 464.48 Diff - 180cst 0.85 -0.39 1.24 Cargo - 380cst 473.65 9.31 464.34 Diff - 380cst 7.37 -0.17 7.54 Bunker (Ex-wharf) Premium - 380cst 11.50 0.50 11.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 9.00 1.00 8.00
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 Kirsten Donovan)
