Cash differentials for fuel oil were little changed amid thin trade in Asia on Monday, while refining crack spreads were also rangebound from last week.

Differentials for low-sulphur and high-sulphur grades held in steady discounts, though contango intermonth spreads narrowed for high-sulphur grades.

Front-month cracks for very low sulphur fuel oil were at premiums of $10.50 a barrel, steady from the end of last week, based on LSEG data at 0830 GMT.

Meanwhile, cracks for 380-cst high sulphur fuel oil inched slightly higher at discounts of $11.30 a barrel.

In tenders, Taiwan’s Formosa offered main column bottoms for loading from Mailiao port in early May, closing on Tuesday.

PORT UPDATES

Singapore’s Maritime and Port Authority has launched the first pilot trial for electric harbour craft charging point, it said on Monday.

This came after an earlier call for proposals to develop and operate electric harbour craft charging points at various locations under a two-year pilot scheme.

OTHER NEWS

– Oil slid on Monday as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.

– Two senior executives at global commodity trader Trafigura will retire this year, the company said on Friday, clearing the way for a new generation of management in the latest reshuffle at the firm.

– Russia’s Orsk oil refinery suspended work on Sunday, after the city’s dam burst on Friday night amid flooding in the surrounding Orenburg region, Russian news agency cited the plant’s press service as saying.

– Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.

WINDOW TRADES

– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trade

Source: Reuters reported by Jeslyn Lerh and edited by Ravi Prakash Kumar