SINGAPORE: Cash premiums for cargoes of 180-cst and 380-cst high-sulphur fuel oil (HSFO) climbed to fresh highs on Monday, extending sharp gains last week as strong demand for cargoes of the fuels that began on July 1 lifted the differentials higher.
Cash premiums for 180-cst and 380-cst HSFO were both at over three-month highs of $2.50 a tonne and $1.65 a tonne to their Singapore quotes, respectively.
At the same time last week, the 180cst HSFO cash differential was at a $1.02 a tonne discount and at minus 90 cents for 380-cst HSFO.
By contrast, VLSFO cash premiums slipped to a 46 cent per tonne premium, giving up some of last weeks gains as buying interest waned on Monday.
Three high-sulphur fuel oil (HSFO) cargo trades were reported in the window totalling 20,000 tonnes of 180-cst HSFO and 60,000 tonnes of 380-cst HSFO.
No VLSFO cargo trades were reported. OPEC+ ministers planned to resume talks on Monday after failing to reach a deal on oil output policy in two days of talks last week amid a rare public standoff between Gulf allies Saudi Arabia and the United Arab Emirates.
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