SINGAPORE: Asia’s cash differentials for 180-cst high-sulphur fuel oil (HSFO) flipped to a premium on Tuesday, rising to their strongest level in four weeks, lifted by a firmer deal in the physical trade window.

The cash differentials for 180-cst HSFO were at a premium of $1.27 a tonne to Singapore quotes, the highest since Jan. 31. They were at a discount of 15 cents per tonne a day earlier.

Asia’s cash premium differentials for 380-cst HSFO rose for a second consecutive session to 92 cents per tonne to Singapore quotes, up 20 cents from a day earlier, while the front-month 380-cst HSFO barge crack traded at a discount of $14.61 a barrel to Brent on Tuesday.

Cash premiums for Asia’s 0.5% VLSFO climbed to $18.40 a tonne to Singapore quotes on Tuesday, the highest since Dec. 23 last year. They were at $17.78 per tonne on Monday.

The front-month VLSFO crack slipped 8 cents to $22.35 a barrel against Dubai crude during Asian trading hours on Tuesday.

Britain ordered its ports to block any vessels that are Russian-flagged or believed to be registered, owned or controlled by any person connected with Russia as it ratcheted up the pressure on Moscow.

Transport Secretary Grant Shapps said in a letter to all UK ports that further detailed sanctions against Russian shipping were being drawn up following Russia’s invasion of Ukraine.

“The maritime sector is fundamental to international trade and we must play our part in restricting Russia’s economic interests and holding the Russian government to account,” he said in the letter published on Twitter. One 180-cst high-sulphur fuel oil (HSFO) deal, no 380-cst HSFO trades. Two VLSFO trade were reported

Oil prices surged on Tuesday as concerns over supply disruptions after Russia’s invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release. Shell will exit all its Russian operations, including a major liquefied natural gas plant, it said on Monday, becoming the latest major Western energy company to quit the oil-rich country following Moscow’s invasion of Ukraine.