Spot premiums for 380-cst high sulphur fuel oil (HSFO) retreated in Asia on Monday, while very low sulphur fuel oil (VLSFO) was little changed amid thin market activity.

The Singapore 380-cst HSFO cash premium fell below $8 a metric ton amid lower-priced offers for July loading dates, while cracks FO380DUBCKMc1 held at discounts of $5.50 to $6 a barrel.

Meanwhile, VLSFO’s cash premium was pegged unchanged at $1 a metric ton, though cracks LFO05SGDUBCMc1 inched higher to premiums between $9.50 and $10 a barrel.

The market eyed a couple of tenders that were closing this week. Taiwan’s CPC had sought LSFO for September delivery, while Pakistan’s PARCO had offered HSFO for July loading. Both tenders close on Tuesday.

OTHER NEWS

– Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar.

– An executive of the Dangote Refinery said on Sunday oil majors were blocking its access to locally produced crude oil by selling it above market price or claiming it was unavailable, forcing the company to rely on expensive imports.

– Russian gasoline production has increased by only 2% from May’s average in the first 18 days of June, less than expected by the energy ministry, the Kommersant newspaper reported on Monday, citing sources familiar with the official data.

– The first liquefied natural gas tanker since January is sailing through the Red Sea, just days after Yemen-based Houthi militants sank their second vessel in attacks begun last November.

Source: Reuters reported by Jeslyn Lerh and edited by Sonia Cheema