VLSFO time spread, crack lower but outlook remains tight
Asia’s 0.5% very low-sulphur fuel oil (VLSFO) front-month time spread and crack slipped on Monday despite a tight near-term supply outlook.
VLSFO supply is “pretty tight until 2H August (while) bunker demand is steady and regional utility demand consistent,” a Singapore-based fuel oil trader said.
Still, the front-month VLSFO time spread slipped to a three-week low of $2 a tonne while the front month crack was down to a near four-week low of $11.64 a barrel above Dubai crude, Refinitiv data in Eikon showed.
The weaker crack also came despite a $1 drop in benchmark crude oil prices on Monday.
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