Asia’s spot market was little changed on Monday, though at risk of downward pressure as bunkering demand has weakened in the month so far, following a month of robust uptake, trade sources said.

“January demand was still alright but February’s demand is markedly weaker,” said a bunker fuel trader based in Singapore, adding that delivered bunker fuel premiums have been falling faster than cargo premiums.

The 0.5% VLSFO cash differential (MFO05-SIN-DIF) eased to a premium of $19.48 a tonne on Monday, compared to high $20s a tonne at the start of February, data showed.

Meanwhile, the 380-cst HSFO cash differential (FO380-SIN-DIF) rose slightly to a premium of $3 a tonne on Monday.

Demand for high-sulphur bunkers could retain support as more scrubber-installed vessels come online, with February’s Singapore 380-cst bunker sales forecast at 1.29 million tonnes based on the arrival of scrubber-fitted vessels, Refinitv Oil Research said.

SINGAPORE BUNKER SALES

Bunker sales reached 4.38 million tonnes in January, climbing 4% month-on-month and 9% year-on-year, data from Singapore’s Maritime and Port Authority showed, while vessel calls at Singapore rose to a 21-month high of 3,447 in January.

OTHER NEWS

WINDOW TRADES

– 180-cst HSFO: No trade
– 380-cst HSFO: One trade
– 0.5% VLSFO: No trade
Source: Reuters