Very Low Sulphur Fuel oil (vlsfo) prices steadied on Thursday at Singapore window. Backwardation time spreads eased after trading at one year’s high. The Singapore 0.5% VLSFO cash premium continued to edge high on Thursday after a sharp jump on Wednesday. Market backwardation cooled after narrowing timespreads. 380-cSt HSFO flipped back into premium amid prevailed bearish sentiment across the market. The 380-cSt HSFO differential rebounded to premium after a slump into discounts.
Crude markets rebounded on reversing bearish sentiment after FED and its peer BOE decision of not changing interest rates. Investors keep closed eye on geo-politics. Furnace oil prices are revised down in India for the first half of Nov, 2023.