SINGAPORE: Asian fuel oil refining margins slipped on Tuesday, while cash premiums for mainstay 380-cst high-sulphur fuel oil dropped to their lowest in about a week, hurt by weaker buying interest in the Singapore physical market.
The more actively-traded 380-cst barge crack to Brent crude dipped to minus $6.87 a barrel during Asian trading hours, Refinitiv Eikon data showed. It was at minus $6.66 per barrel on Monday.
Asia's 180-cst fuel oil crack to Dubai crude for March was at minus 65 cents a barrel during Asian trade on Tuesday, compared with minus 30 cents a day earlier.
Crude oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts.
Cash premiums for 380-cst HSFO fell to $1.24 a barrel to Singapore quotes, the lowest since May 29. The premiums were at $1.80 per barrel a day earlier.
The 380-cst June/July time spread was trading at about $3.50 a tonne, down from about $3.75 a tonne in the previous session, Refinitiv data showed.
TENDERS
Sri Lanka's Ceylon Petroleum Corp (Ceypetco) is seeking a combined cargo of 20,000 tonnes of HSFO and 20,000 tonnes of LSFO for delivery over July 7-8 at Dolphin Tanker Berth and SPM Muthurajawela, Colombo on a DAP basis.
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