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Seven fuel oil deals totalling 140,000 metric tonnes were agreed on Monday, according to news agency Reuters.

Glencore, Petrochina and Vitol were each said to have bought two 380 centistoke (cSt) parcels of fuel oil, with Gunvor purchasing one cargo of 180 cSt.

380 cSt spot premiums reached their highest levels in almost nine months on Monday as a result of buyer demand, with price levels rising to $3.27 per tonne above Singapore quotes.

Since the beginning of March, over 4.2 million tonnes of fuel oil cargoes are reported to have been traded during the Platts Market on Close price assessment process.

Total volumes in the swaps markets are said to have surpassed 1 million tonnes, with strong demand reported for April-May contracts.

Meanwhile, national electricity firm Korea Western Power Co. Ltd. (KOWEPO) has purchased 90,000 tonnes of fuel oil.

KOWEPO is said to have bought a 45,000-tonne low-sulphur fuel oil cargo from Daewoo International Corp that is scheduled for delivery in April at the port of Pyeongtaek.

The second parcel, 45,000 tonnes of high-sulphur fuel oil, was purchased from Hanwha Corp and is also due to arrive next month, Reuters said.