Spot differential for high sulphur fuel oil (HSFO) inched lower in Asia on Thursday, a day after flipping back into premiums.
Singapore 380-cst HSFO cash differential traded at $2.52 a ton, down 48 cents from the previous session and 180-cst HSFO was down 41 cents at 34 cents a ton.
Meanwhile, the very low sulphur fuel oil (VLSFO) premium extended gains with a deal emerging at the window after a gap of three straight sessions.
INVENTORIES
Singapore fuel oil stocks rose by 1,239 million barrels to an 18-week high of 24.126 million barrels in the week to April 23, Enterprise Singapore data showed.
OTHER NEWS
– Oil prices recovered some losses on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
– Several OPEC+ members will suggest the group accelerates oil output hikes in June for a second consecutive month, three sources familiar with OPEC+ talks told Reuters, as a dispute worsens between members over compliance with production quotas.
WINDOW TRADES
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: One trade
Source: Reuters