Cash premium for very low sulphur fuel oil (VLSFO) edged higher on Friday as marine fuel sales at the Middle Eastern bunker hub Fujairah picked up.

The premium for 0.5% VLSFO rose to $27.91 a metric ton from $26.33 in the previous session.

Cargo differentials for 380-cst high sulphur fuel oil (HSFO) dipped by about 18 cents to a discount of $3.16 per metric ton to Singapore quotes, while 180-cst HSFO extended gains by 91 cents to a premium of 58 cents per metric ton.

FUJAIRAH BUNKER SALES

Marine fuel sales at the UAE’s Fujairah rebounded in October from a three-month low logged in the prior month, only marginally lower than the level in the same period of last year, data showed.

OTHER NEWS

– Oil prices edged higher on Friday, a day after sinking 5% to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand.

– The European Commission is proposing to ban the sale of tankers for crude oil and petroleum products to Russia to prevent Moscow bypassing western sanctions on Russian oil with a shadow fleet of ships, a proposal by the Commission showed.

– The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7’s price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.
Source: Reuters (Reporting by Muyu Xu; editing by Eileen Soreng)