Asia Fuel Oil-Cash differentials steady in thin trade
Asia’s high sulphur fuel oil (HSFO) market held steady after collapsing last week, while very low sulphur fuel oil (VLSFO) was little changed amid thin trade.
The 380-cst HSFO cash differential was pegged at a premium of $12.25 a metric ton on Monday, while September crack rose to a discount of $6.29 a barrel.
Meanwhile, spot 0.5% VLSFO was pegged at a premium of $6.56 a metric ton, while September crack closed at a premium of $11.89 a barrel.
In tenders, India’s MRPL offered vacuum gasoil and 380-cst HSFO for loading in end-September.
– Oil prices ticked higher on Monday after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.
– China’s Sinopec Corp is not interested in acquiring Shell’s refinery or petrochemical plant in Singapore, Sinopec President Yu Baocai said on Monday.
– Oil and gas driller ADES Holding, backed by Saudi Arabia’s sovereign wealth fund, on Monday announced plans to proceed with an initial public offering on the Saudi Exchange.
– Shell started production at the Timi gas field in Sarawak in eastern Malaysia, the company said in a statement on Monday.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Varun H K)