Asian high sulfur fuel oil (HSFO) cash premiums of 380 cst rose for the fourth straight session on Tuesday, hitting their highest level in more than three months.
Cash spreads for 380 cst HSFO were at a $3.15 a tonne premium to Singapore quotes, a level not seen since Oct. 20. They were at a premium of $2.31 the day before.
Meanwhile, cash premiums for Asia’s 0.5% VLSFO soared to $15.08 a tonne at Singapore’s quotations on Tuesday, the strongest since Feb. 3. They were at $14.93 on Monday.
First-month VLSFO crack fell to $19.56 a barrel against Dubai crude during Asian trading hours from $20.65 a day earlier.
DRY BULK
– The Baltic Exchange Dry Bulk Sea Freight Index (.BADI) rose for a fifth straight session on Monday, buoyed by strong demand for panamax vessels, which hit a one-month high.
– The headline index rose 7 points, or 0.4%, to 1,984, its highest since Jan. 12, while the panamax index (.BPNI) gained for an eighth straight session, rising 15 points at 2,418.
WINDOW TRADES
– Two 180 cst High Sulfur Fuel Oil (HSFO) deals, no VLSFO trades
OTHER NEWS
– An upward revision to historic oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West’s energy watchdog had previously estimated. Read more
– Oil fell from a seven-year high to around $94 a barrel on Tuesday, pressured by a report that some troops from Russian military districts adjacent to Ukraine are returning to their bases, a move that could defuse tensions between Moscow and the West.
Source: Reuters (Reporting by Koustav Samanta Editing by David Goodman)