HSFO timespreads extend climb in volatile trade

January 22, 2026

Asia’s market structure for high sulphur fuel oil (HSFO) strengthened on Monday, with prompt intermonth timespreads extending a climb amid volatile trading momentum.

Singapore’s 380-cst HSFO February/March timespread rose to $8.05 a metric ton, widening from around $6.50 a metric ton last week, according to data from market sources.

Very low sulphur fuel oil (VLSFO) also saw wider backwardation at the prompt months, though the increase was much milder than for HSFO.

Trading has been volatile for the HSFO market in recent sessions due to an uncertain supply outlook, market sources said.

HSFO spot differentials remained in discounts despite the strength in market structure, as prompt supply was still ample, even though bunker premiums climbed slightly.

Separately, Thailand’s PTT offered both VLSFO and HSFO for February loading, market sources said. The tender will close on Tuesday.

Cracks for fuel oil edged up on Monday. The February 380-cst HSFO/Brent crack (FO380BRTCKMc1) rose to a discount of $6.30 a barrel, while VLSFO crack (LFO05SGBRTCMc1) firmed to a premium at about $4.55 a barrel, LSEG data showed.

FUJAIRAH DATA

– The UAE’s Fujairah port dropped a notch to become the world’s fourth-largest bunkering hub, after its sales slid 3% in 2025 from a year ago, dipping below volumes seen at China’s Zhoushan bunker port, according to the latest data.

OTHER NEWS

– Oil prices fell 1% on Monday, reversing the previous session’s gains, as civil unrest in Iran subsided, lowering the chance of a U.S. attack that could disrupt supply from the major Middle Eastern producer.

– China’s refinery throughput in 2025 rose 4.1% year on-year, while crude oil output grew 1.5%, both to all-time highs, government data showed on Monday.

– India’s Mangalore Refinery and Petrochemicals Ltd is exploring purchases of Venezuelan oil as it halts imports of Russian crude to comply with Western sanctions, head of finance Devendra Kumar said on Monday.

– Kazakh oil producer Tengizchevroil, led by Chevron, said on Monday that it had temporarily halted production at the Tengiz and Korolev oilfields after an issue affected power distribution systems.

WINDOW TRADES

– 180-cst HSFO: No trade

– 380-cst HSFO: No trade

– 0.5% VLSFO: No trade

ASSESSMENTS

FUEL OIL
CASH ($/T)	ASIA CLOSE	CHANGE	PREV CLOSE	RIC
Cargo – 0.5% VLSFO	431.00	1.63	429.37	(MFO05-SIN)
Diff – 0.5% VLSFO	2.85	0.35	2.50	(MFO05-SIN-DIF)
Cargo – 180cst	362.82	1.59	361.23	(FO180-SIN)
Diff – 180cst	-2.00	0.75	-2.75	(FO180-SIN-DIF)
Cargo – 380cst	359.26	0.91	358.34	(FO380-SIN)
Diff – 380cst	-1.45	0.20	-1.65	(FO380-SIN-DIF)
Bunker (Ex-wharf) Premium – 380cst	1.00	0.50	0.50
Bunker (Ex-wharf) Premium – 0.5% VLSFO	4.00	0.50	3.50

For a list of derivatives prices, please refer to ENSWAP/INFO or the RICs below:
180cst M1	(FO180SGSWMc1)
180cst M1/M2	(FO180SGSDMc1)
380cst M1	(FO380SGSWMc1)
380cst M1/M2	(FO380SGSDMc1)
0.5% VLSFO M1	(LFO05FSGMc1)
0.5% VLSFO M1/M2	(LFO05FSGSMc1)
Cracks 180cst-Brent M1	(FO180BRTCKMc1)
Cracks 180cst-Dubai M1	(FO180SGCKMc1)
Cracks 380cst-Brent M1	(FO380BRTCKMc1)
Cracks 380cst-Dubai M1	(FO380DUBCKMc1)
Cracks 0.5% VLSFO-Brent M1	(LFO05SGBRTCMc1)
Cracks 0.5% VLSFO-Dubai M1	(LFO05SGDUBCMc1)
Visco 180cst/380cst M1	(FOVISSGDFMc1)
Hi-5 0.5% VLSFO/380cst M1	(FO05-380SGMc1)
GoFo 10PPM/0.5% VLSFO M1	(GO10FO05FSGMc1)
East-West M1	(FOSGEWMc1)
Barges M1	(HFOFARAAMc1)
Barges M1/M2	(HFOFARAASMc1)
Crack Barges-Brent M1	(HFOFARAACMc1)