Asia’s very low sulphur fuel oil (VLSFO) market retreated on Monday, while Kuwait’s Al Zour refinery issued a spot tender offering a cargo for loading in May.
The cargo will comprise 120,000 metric tons of VLSFO and is expected to load from May 2-3, trade sources said, with the tender closing on Monday.
The tender emerged against some earlier market expectations that VLSFO exports from Kuwait could taper off entirely in May, ahead of summer stockpiling.
Meanwhile, the Singapore cash differential for VLSFO eased to a premium of $2 a metric ton on Monday, with the product trading lower from last week.
Separately, a trade for 180-cst high sulphur fuel oil emerged on Monday, dampening its cash differential back into a discount.
Source: Hellenic Shipping News
