Asia bunker markets are in bearish mood. The cash premium for 0.5% very low sulphur fuel oil (VLSFO) premium continued to shed for eight straight session while the refining margins closed at a premium. Swelling fuel oil inventories at Singapore trading hub despite lower imports pressed the markets. On the other hand, high sulphur fuel oil (HSFO) changed a little on thin trade. The cash differential for 380-cSt continued to hold in a discount with falling refining margins amid bearish sentiment across the market.
Crude markets are clung to weekly losses followed by thin trade during the week. Crude markets opened in bearish mood early this week on weak fundamentals like macro economic concerns, gloomy demand outlook and strong dollar. Furnace oil markets will be revised on Nov 1st in India with a little change.