Asia’s high sulphur fuel oil spot market gained on Monday and the price structure continued to trade in a steady contango of more than 80 cents.

Singapore 380-cst HSFO cash differential was pegged at a discount wider than $6 a metric ton, and the 180-CST cash differential traded at a discount of $4.14 a ton.

Meanwhile, China’s fuel oil imports recovered in June after a slump in May, while bunker fuel oil exports also climbed from the previous month, customs data showed on Sunday.

Fuel oil imports in June totalled about 1.4 million metric tons, or about 295,708 barrels per day (bpd), up 7% from May and but were down 6% from the same month a year earlier.

OTHER NEWS

– Nayara Energy, an Indian refiner part-owned by Russia’s Rosneft and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters.
– Europe’s petrochemical industry is unravelling under a wave of plant closures after years of losses and a rapid expansion of global capacity led by China.

WINDOW TRADES

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