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Asia Fuel Oil-Market kicks off 2023 on stable note; China issues export quotas

SINGAPORE- Asia’s fuel oil market held steady on the first trading day of 2023, while China issued its first batch of refined product export quotas for the New Year.

 

China issued 8 million tonnes of low-sulfur fuel oil export quotas under the first batch of 2023, according to local consultancies on Tuesday.

 

The majority of the quotas were released to China Petrochemical Corp (Sinopec), China National Petroleum Corp and China National Offshore Oil Company, according to Chinesecommodities consultancy JLC and Longzhong.

 

The front-month refining crack for 0.5% very low sulphur fuel oil (VLSFO) dipped slightlyfrom the previous session to $8.28 a barrel at the Asia close (0830 GMT).  LFO05SGDUBCMc1

 

Meanwhile, the VLSFO cash differential was at a premium of $10.25 a tonne to Singaporequotes.  MFO05-SIN-DIF

 

 

Source: ASEAN Exchanges

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