SINGAPORE Asia’s cash premiums for 0.5% very low-sulphur fuel oil (VLSFO) dropped on Monday, hurt by a couple of weaker deals in the physical market.

Cash differentials for Asia’s 0.5% VLSFO were at a premium of $21.81 a tonne to Singapore quotes, down from $22.28 per tonne on Friday. The VLSFO crack for May slipped to $22.85 per barrel against Dubai crude during Asian trade on Monday, compared with $23.16 per barrel at the end of last week.

The 380-cst HSFO barge crack for May traded at a discount of $10.85 a barrel to Brent on Monday, compared with minus $11.98 a barrel on Friday. Cash premiums for 380-cst high sulphur fuel oil (HSFO) climbed to $22.69 per tonne to Singapore quotes, compared with $21.53 per tonne on Friday.

US President Joe Biden will meet virtually with Indian Prime Minister Narendra Modi on Monday, the White House said, at a time when the United States has made clear it does not want to see an up tick in Russian energy imports by India.

Lured by steep discounts following Western sanctions on Russian entities, India has bought at least 13 million barrels of Russian crude oil since the country invaded Ukraine in late February. That compared with some 16 million barrels for the whole of last year, data compiled by Reuters shows.

One 380-cst high-sulphur fuel oil (HSFO) deal, no 180-cst HSFO trades. Three VLSFO trades were reported

Chinese oil giant CNOOC Ltd said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a share listing in Shanghai, after setting the price for what will be mainland China’s 11th-biggest public stock offering.