Asia’s 380-cst high sulphur fuel oil (HSFO) market firmed on Monday as strong trading momentum persisted.

A flurry of trades emerged on the day, as with last Friday. The main sellers were Trafigura and Shell, while PetroChina and Rex Commodities were the main buyers.

Singapore’s 380-cst HSFO cash differential rose to a premium of $3.84 a metric ton, with stronger premiums traded for end-December to early-January.

Meanwhile, 0.5% very low sulphur fuel oil (VLSFO) eased slightly, with cash premiums sliding to $14.25 a metric ton.Market backwardation eased across all the key fuel oil grades.

In tenders, Pakistan’s PARCO offered HSFO for December loading. Bids for the tender will open on Dec. 11 and have to be submitted by the same date, a document on its website showed.

OTHER NEWS

– Oil prices extended declines on Monday, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.

– Three commercial vessels came under attack in international waters in the southern Red Sea, the U.S. military said Sunday, as Yemen’s Houthi group claimed drone and missile attacks on two Israeli vessels in the are.

– Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.

– Danish shipping company Maersk on Monday said it will invest more than $500 million to expand its supply chain infrastructure in South-East Asia.

WINDOW TRADES O/AS

– 180-cst HSFO: No trade
– 380-cst HSFO: Eleven trades
– 0.5% VLSFO: Four trades
Source: Reporting by Jeslyn Lerh; Editing by Varun H K