In Asia, Cash premiums for fuel oil stood study on Wednesday. Market backwardation kept widened from the previous session. The cash premium for VLSFO (very low sulfur fuel oil ) was at eight month high. Lower than expected exports from Kuwait keep supporting VLSFO prices. With widening of Nov/Dec timespread kept backwardation firm. HSFO (high sulphur fuel oil) premiums have been inching up slightly. The 380-cSt cash premium climbed with refining crack slipped to a discount.
crude markets are falling on profit taking mood. Escalation of middle east tensions keep upward pressure. Furnace oil prices may go up on Nov 1st in India.