High-viscosity fuel oil came under pressure amid plentiful supply, while ex- pectations of tighter supply lent support to naphtha margins. Strong demand for kerosine for heating purposes in Japan buoyed jet fuel. The premium of 180cst fuel oil to high-viscosity 380cst fuel oil frmed to its highest in around eight months at $6.75/t (see graph). Plentiful high-viscosity and high-density supplies were available, with GS Caltex issuing a tender to export more than 15,000 b/d of high-viscosity fuel oil in March.
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