Very Low Sulphur Fuel oil (VLSFO) markets firmed after term tender from Kuwait finalised on Wednesday. Both backwardation and cash premium remained strong. Singapore’s cash premium for 0.5% VLSFO went up to $28.33 a ton with a refining margin climbed to a premium of $12.48 a barrel. The Al-Zour refinery is an oil refinery located in Southern Kuwait. It is the second largest environment friendly oil refinery. Kuwait offered VLSFO from its al-zour refinery for lifting in the first half of 2024,
High Sulphur Fuel oil (HSFO) markets moved in bearish mood. Cash differentials for 380-cSt HSFO dipped with a refining margins edged higher. Bears fest is going on in crude markets on weak fundamentals like stocks build, Anemic economics and fears of pinching fuel demand. Furnace oil and LDO prices are very likely to go down on 16th November, 2023
