Spot premiums for very-low sulphur fuel oil cargoes in Asia surged to record highs this week, as the market expects supplies to tighten in June, industry sources said.
Fears of further disruption to Russian oil supply are likely to continue supporting premiums, after the European Union agreed on Monday to cut 90 per cent of oil imports from Russia by the end of this year. "North Asian output has been low due to maintenance and lower runs in China but these are now coming to an end," he added.
Stronger gasoil cracks incentivise refiners to produce more distillates instead of allocating supply to the fuel oil blending pool.
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