Fuel oil markets in Asia at SG trading window demonstrated strong positive momentum on the first day of year. Stronger price bid amid high inventories keep weigh on Asia fuel oil markets.
VLSFO (very low sulfur fuel oil) spot markets pegged higher and cash differentials was pegged higher at a narrow premium below $3 per mt. HSFO (High Sulphur Fuel oil) 380 cSt spot deals emerged and the product traded higher at a $8 per Mt to cargo quotes.
Hi-5 Fuel oil spread is the premium of VLSFO over 380 cSt HSFO. Hi-five fuel oil spread rangebound.
Turning to other markets, crude markets moving up on traders come back from holiday season. FO prices went up in India while LDO prices increased on 1st jan 2025.
