Spot premium for very low sulphur fuel oil (VLSFO) rebounded on Tuesday after hitting seven-week lows in the previous session, with the emergence of stronger-priced trades.

The premium was pegged at $7.25 a metric ton, up from levels of about $5 per ton on Monday.

Delivered bunker fuel premiums for VLSFO remained rangebound between $20 and $25 per ton, based on industry sources.

Meanwhile, bunker fuel premiums for 380-cst high sulphur fuel oil (HSFO) were still supported above $40 for prompt delivery dates due to tight barging and cargoes, said sources.

However, the Singapore cash premium for 380-cst HSFO closed slightly lower at $3.25 a ton on Tuesday, having shown signs of paring in recent sessions.

In tenders, Taiwan’s CPC offered more LSFO for loading in October. The tender closes on Oct. 9 and is valid until Oct. 11, according to a notice on CPC’s website.

REFINERY

– U.S. oil refiners are expected to have about 873,000 barrels per day of capacity offline in the week ending Oct. 11, raising available refining capacity by 383,000 bpd, research company IIR Energy said.

OTHER NEWS

– Oil prices fell in Asia trade on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month on fears the Middle East could be on the brink of a region-wide war.

– Austrian oil and gas group OMV said on Tuesday it expected an impact of more than 200 million euros ($220 million) on its third-quarter clean operating result following oil production disruptions in Libya.

– At least one oil and gas platform in the U.S. Gulf of Mexico was shut on Monday and Florida ports imposed restrictions on vessel navigation as Hurricane Milton rapidly intensified.

– Chevron is selling its assets in the Athabasca oil sands and Duvernay shale formation to Canadian Natural Resources CNQ.TO for $6.5 billion, the oil giant said on Monday as it puts in motion its divestiture plan.

Source: Reuters reported by Jeslyn Lerh and edited by Eileen Soreng