Fuel oil – VLSFO markets softened in Asia. VLSFO spread in Singapore weakened by $1.5/mt to trade at $10.25/Mt. China has issued an additional of quota of 3Mmts of fuel oil quotas in 2023 for non-state firms. Singapore’s 0.5% VLSFO cash premium fell. Refining crack for VLSFO fell to a premium of $10.90 a barrel. The cash premiums for HSFO for 380 cSt grade held steady amid thin trade.
Crude oil markets teeters after OPEC delay output policy for 2024 postponed. In India, IOCL offered HSFO for loading from vizag. Furnace oil and LDO prices are set to revise on Dec, 1st 2023.