very low sulphur fuel oil (VLSFO) cash premium rose. The premium gained while refining margins climbed to a premium at the Asia market. The bids for spot cagoes firmed up. Asia fuel oil markets may get tightened due to dip in Kuwait exports, That may support VLSFO markets. High sulphur fuel oil markets are in pressure with cash differentials stuck in discounts. The 380-cSt HSFO crack slipped to a discount on Monday.
Crude markets tumbled yesterday on traders cautious approach amid technical correction. Markets are waiting for key fundamental clues like interest rate and weekly data. Furnace oil prices will be revised tomorrow with a little change in India.