SINGAPORE: Asia’s fuel oil markets fell on Friday, with time spreads for both 0.5% very low-sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) retreating further from recent highs.
The market was “structurally overbought beginning of this week, and I think, the real sellers seeing more cargo coming in are selling,” said a Singapore-based fuel oil broker.
“Everything was all bid up for past few weeks, visco all gone crazy, but now it all came off with the rise in crude,” said another fuel oil broker, adding that the rising crude oil prices may start to weigh on demand.
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