Asia’s fuel oil market was largely steady on Tuesday as trading remained light, while spot differentials for the key grades in Asia continued to hold in discounts.

Discounts for high sulphur fuel oil (HSFO) 380-cst grade and very low sulphur fuel oil (VLSFO) deepened slightly, while that for HSFO 180-cst narrowed for a second session.

Prompt cracks for VLSFO were stable at premiums of more than $4 a barrel, while 380-cst HSFO cracks remained in discounts of over $7 a barrel, LSEG data showed.

OTHER NEWS

– Oil prices were little changed on Tuesday as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
– U.S. crude, gasoline and distillate inventories rose in the week ended December 19 as refining activity slowed and imports declined, the Energy Information Administration said on Monday.
– The Caspian Pipeline Consortium, which delivers oil from Kazakhstan, said it had suspended oil exports from the Black Sea’s terminal on Monday due to bad weather.
– NNPC Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids, according to an invitation document seen by Reuters on Monday.

WINDOW TRADES

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