As of Wednesday, the spot fuel oil market in Asia remained rangebound, with cash differentials holding steady in single-digit premiums. Spot trade continued for 380-cst high sulphur fuel oil (HSFO), with cash premiums in the range of $4 to $5 per metric ton over Singapore quotes. The very low sulphur fuel oil market (VLSFO) showed stability with limited trade, maintaining a cash premium of $6.98 per metric ton. In bunker updates, Japan's JERA, NYK Line, and Resonac are jointly studying ammonia as a low-carbon fuel for ships. Meanwhile, oil prices extended losses due to oversupply and demand concerns. The report also highlights warnings from Yemen's Houthis to cargo ships in the Red Sea and the challenges faced by fuel tankers due to the Panama Canal drought rerouting flows. Venezuela anticipates a 27% increase in income from state-run oil company PDVSA next year. The window trades in the report indicate the market activity for different fuel oil grades.

SOURCE:GOOGLE