Asia’s spot market for high sulphur fuel oil (HSFO) firmed on Wednesday, a day after Saudi Arabia and Russia said they would extend voluntary oil cuts to the end of the year.
Saudi Arabia’s crude supply cuts usually have a bullish impact on the HSFO market as the cuts are typically on heavy crude grades that produce more fuel oil in refining.
The 380-cst HSFO cash differential rose to a premium of $9.25 a metric ton, while October crack firmed to a discount of $9.23 a barrel.
Meanwhile, very low sulphur fuel oil (VLSFO) also rebounded amid firmer biding, though the risk of downside remains on expectations of higher supplies.
The Singapore 0.5% VLSFO cash differential climbed to a premium of $4.09 a metric ton, while the October crack spread held steady LFO05SGDUBCMc1 to a premium of $7.42 a barrel.
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