"Buyers and sellers are standing on either side but none are willing to move yet," one trader said. "There are a lot of fence-sitters in this market."

Traders said that the market was looking for a firmer commitment of refiners' run levels in October before deciding on the market, amid persistently weak fundamentals for gas oil

South Korean refiners who have decided to steadily push runs back up following better margins and in expectation of winter demand, have put a dampener on the market, they said.

October gas oil swaps was bid/asked at $15.90/$16.15 per barrel, down 10-15 cents from Monday, brokers said.

The October/November spread was talked at 45/55 cents in contango, with outright November paper last quoted notionally at $16.30/$16.60 per barrel by brokers.

Traders said they were still watching for Singapore refineries'moves as although some oil majors were buying, others were offering aggressively.

"Winter demand is on the back of people's minds but no one really knows how it will turn out," one trader said.

In the Singapore physical gas oil market on Monday, two cargoes were traded at $15.90 and $16.00 per barrel, between oil majors.

Regrade swaps values continued to rise on Tuesday amid expectations that gas oil would be weaker in contrast to the seasonally strong jet fuel/kerosene market, traders said.

The October premium of jet fuel to gas oil was $2.80/$3.00 per barrel, largely reflecting physical market strength which following a buying spree by a European major.

The major bought a cargo at $18.80 in the physical market on Monday, with implied physical regrade at around $3.00, moving levels up from the low-18.00 levels last week.

Fuel oil swaps market eased marginally to be talked at $85.00/$85.50 for October, brokers said.

They said that the market appeared stagnant as oversupply pressure was not asevident as in the gas oil market, due to better regional demand from India and Indonesia.

The arbitrage movement of cargoes from Latin America to Asia which had threatened the market were now muted with no fresh cargoes spotted, traders said.

On Monday, Singapore physical fuel oil was bid at $88.00 per tonne for October 13-17 lifting, 50 cents higher than Friday but attracted no offers.