Asia Fuel Oil-VLSFO spot premium at four-month lows

SINGAPORE, Aug 4 (Reuters) - The spot premium for very low sulphur fuel oil (VLSFO) was at its lowest in four months as of Monday, even though market structure improved from the previous week.

Singapore cash premium for VLSFO was pegged above $1 a metric ton, though spot offers for early September remained geared towards downside.

Meanwhile, 380-cst high sulphur fuel oil (HSFO) discounts narrowed slightly, even as the market remained in contango at the prompt months.

In tenders, Indonesia's Pertamina offered residual fuel for September loading, including a cargo of decant oil and a cargo of marine fuel oil, according to industry sources. The tender closes on Tuesday.

OTHER NEWS

- Oil prices dropped on Monday after OPEC+ agreed to another large output hike in September, though traders remained wary of further sanctions on Russia. O/R

- India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter.

- Kuwait's Oil Minister Tariq Al-Roumi praised the OPEC+ decision to raise oil production by 547,000 barrels per day for September, saying it reflected coordination aimed at ensuring oil market stability.

- BP said on Monday it has made an oil and gas discovery in Brazil's Santos basin, a so-called pre-salt area in deep water offshore which is believed to be a large reservoir of oil and gas.

WINDOW TRADES O/AS

- 180-cst HSFO: No trade

- 380-cst HSFO: No trade

- 0.5% VLSFO: Two trades

ASSESSMENTS