The cash premium for 0.5% very low sulphur fuel oil (VLSFO) held steady at $6.25 a tonne, while front-month margin eased to a premium of $7.68 a barrel at 0830 GMT.
The spot market looks slated to remain in a range of single-digit premiums, with just a sole trade emerging for VLSFO as with the previous day. Meanwhile, the cash premium for 380-cst high sulphur fuel oil (HSFO) closed at $5.50 a tonne, while front-month margin climbed further to a discount of $8.62 a barrel.
In recent tenders, India's HPCL sold 26,000 tonnes of HSFO for loading at Vizag between May 24 and 26. OTHER NEWS
- Oil prices fell on Tuesday, with the market cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. - China's crude oil imports fell in April to the lowest level since January, customs data showed on Tuesday, as high inventories, refinery maintenance and a weaker domestic economic rebound weighed on demand. - The United Arab Emirates' energy minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ group were implemented to balance the oil market.
- Saudi oil giant Aramco's first-quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: One trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 534.58 -5.75 540.33 Diff - 0.5% VLSFO 6.25 0.00 6.25 Cargo - 180cst 434.09 4.23 429.86 Diff - 180cst 3.50 1.32 2.18 Cargo - 380cst 429.10 0.44 428.66 Diff - 380cst 5.50 -0.32 5.82 Bunker (Ex-wharf) Premium - 380cst 10.50 -1.00 11.50
Bunker (Ex-wharf) Premium - 0.5% VLSFO 10.00 -1.00 11.00
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 Sonia Cheema)
