Cash premiums for 180-cst high sulphur fuel oil (HSFO) rose on Tuesday amid weakness in crude oil prices on worries over a fresh financial crisis, reports Business Recorder.
Weakness in crude oil prices
The 180-cst HSFO cash differential rose by 95 cents to $4.18 a tonne, while the 380-cst HSFO cash differential fell to $6.87 a tonne.
Singapore’s cash differential for 0.5% very low sulphur fuel oil (VLSFO) held steady at $4.02 a tonne on Tuesday.
Meanwhile, sales of marine fuel, also known as bunkers, fell to an 8-month low in February at the world’s top bunkering hub Singapore as demand softened, latest official data showed on Tuesday.
Increasing marine fuel sales volume
Kuwait Integrated Petroleum Industries Company exported its first solid sulphur shipment from the Al Zour refinery to global markets, the state news agency said on Tuesday.
TFG Marine, majority owned by commodities trader Trafigura, aims to increase its marine fuel sales volume by up to 20% this year through expansion in Africa, the UK and the Mediterranean, a senior company executive said.
India is not obligated to buy Russian oil at rates below the price cap imposed by the Group of Seven (G7) and other Western nations, an Indian oil ministry source told Reuters on Tuesday.
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Source: Business Recorder
