Asia’s high sulphur fuel oil (HSFO) spot market were little changed in discounts on Tuesday, amid a quiet deals window and weakness in crude oil benchmarks.

Singapore 380-cst HSFO cash differential was pegged at a discount of about $7 a metric ton, while the intermonth spread between balance-July and August stood in a contango of $5.53.

Meanwhile, the very low sulphur fuel oil (VLSFO) market softened, with cash premiums extending losses at $3.91 per ton.

OTHER NEWS

– Oil prices retreated on Tuesday after U.S. President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.

– China’s crude oil throughput in June rose 8.5% from a year earlier, official data showed on Tuesday, as state-owned refineries increased operations and saw a recovery in profit, according to consultancies.

– U.S. President Donald Trump’s threat to choke off Russia’s oil revenue via secondary sanctions would deal a hammer blow to Moscow’s finances, but markets are betting that the risk of higher energy prices will keep Washington from following through.

WINDOW TRADES

– 180-cst HSFO: One trade

– 380-cst HSFO: No trade

– 0.5% VLSFO: No trade
Source: Reuters