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Asia Fuel Oil-VLSFO market gains, HSFO steady

Asia’s low-sulphur fuel oil (VLSFO) market extended gains on Friday after stocks at a key European trading hub declined.

Cash premiums for VLSFO were up 18 cents at $6.83 a metric ton. Premiums for high-sulphur fuel oil (HSFO) on the other hand held steady. Cash differential for 180-cst HSFO was pegged at a premium of $8.77 a ton, while premium for 380-cst traded at $7.38 per ton.

Fuel oil inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 1.528 million tons in the week to Thursday, compared with 1.539 million tons in the prior week.

“East of Suez, we expect to see stockdraws in the coming weeks as bunkering demand in China, Singapore and the UAE picks up and as the peak cooling season approaches in the Middle East,” analysts at energy consultancy FGE said in a note.

OTHER NEWS

– South Korea’s Hyundai Oilbank has made a slight reduction to crude runs at its Seosan refinery site after a minor fire, a company official said on Friday.

– Ukraine mounted an unusually large wave of overnight drone attacks on Russia that killed two people in Belgorod region and set fire to an oil refinery at Tuapse on the Black Sea, Russian officials said.
Source: Reuters (Reporting by Mohi Narayan; Editing by Vijay Kishore)

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