Spot cargo premiums for Asia’s very low sulphur fuel oil fell on Tuesday, while high sulphur fuel oil (HSFO) market stayed little changed.

Singapore’s 0.5% VLSFO cash premium dipped to $20.17 a metric ton, following a further retreat of refining crack.

Cash differentials for the 180-cst HSFO edged higher to a premium of $2.58 a metric ton.

OTHER NEWS

– Oil prices steadied on Tuesday after sliding more than $1 per barrel on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.

– Venezuela’s government and opposition will resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said on Monday.

– Russia’s seaborne diesel and gasoil exports fell by 20% to about 1.1 million metric tons in the first 15 days of October from the same period in September due to ongoing seasonal maintenance of refineries and a fuel export ban, data from traders and LSEG showed.

Source: Reuters reported by Muyu Xu and edited by Sohini Goswami