Asia’s hi-5 fuel oil spread crunched to its narrowest in over five years, based on LSEG data, as the market for very low sulphur fuel oil (VLSFO) continued to weaken, while high sulphur fuel oil (HSFO) strengthened.
The hi-5, which reflects the premium of VLSFO over 380-HSFO, fell below $76 a metric ton for the February contract at the Friday close, LSEG data showed. The spread was last narrower in December 2020. (FO05-380SGMc1)
HSFO has retained its strength ever since sanctions clouded the supply outlook. The prompt-months backwardation for both 180-cst and 380-cst grades widened above $10 a ton on Friday, compared to about $8 before the holidays.
In contrast, VLSFO has pared due to high inventories and an adequately supplied market in the short term. Spot VLSFO traded softer on Friday for loading dates between late February and early March, based on data from industry sources.
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