SINGAPORE: Asia’s cash premiums for 180-cst high-sulphur fuel oil (HSFO) climbed on Friday, surging to their highest level in nearly 2-1/2 years, partly lifted by firming summer demand from South Asian utilities.

The cash differentials for 180-cst HSFO soared to a premium of $32.76 per tonne to Singapore quotes, a level last seen in early November 2019. They were at a premium of $28.48 per tonne a day earlier.

The premiums climbed 26.7% this week in their third straight weekly gain.

Meanwhile, the cash differentials for 380-cst HSFO were at a premium of $21.53 per tonne to Singapore quotes on Friday, compared with $20.81 per tonne a day earlier.

The front-month barge crack for 380-cst HSFO traded at a discount of $10.89 a barrel to Brent on Friday, compared with minus $11.07 a barrel on Thursday.

Meanwhile, the front-month VLSFO crack rose to $23.16 per barrel against Dubai crude during Asian trading hours, compared with $21.66 per barrel on Thursday. Cash premiums for Asia’s 0.5% VLSFO climbed to $22.28 a tonne to Singapore quotes on Friday, up from $21.49 per tonne on Thursday.