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Asia Fuel Oil-HSFO cash premium fall after crude dips

Wednesday, 10 July 2024 | 00:00

Spot premium for high sulphur fuel oil (HSFO) trended lower on Tuesday after crude prices slipped and as traders expected supplies to outpace demand in July.

The 380-cst grade high sulphur fuel oil (HSFO) cash premium was pegged at $5.40 a metric ton, down 92 cents from Monday’s close.

On the very low sulphur oil (VLSFO) front, premiums were relatively steady even as a flurry of trades at the deals window lifted demand sentiment.

Cash premium for VLSFO traded at $4.39 per ton on Tuesday, compared with $4.53 a day earlier.

NEWS

– Oil prices slipped on Tuesday after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing concerns over supply disruption.

– Weak refining margins and lower oil trading results will dent BP’s second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 3%.

– Oil and gas companies in Texas were restarting operations on Tuesday after Hurricane Beryl lashed the state with 80-mph winds, damaging property and leaving millions of people without power.

WINDOW TRADES

– 180-cst HSFO: One trade

– 380-cst HSFO: No trade

– 0.5% VLSFO: Three trade
Source: Reuters (Reporting by Mohi Narayan; Editing by Tasim Zahid)

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