SINGAPORE, Dec 21 (Reuters) - Asia"s front-month crack for 0.5% very low-sulphur fuel oil (VLSFO) slipped on Tuesday, but traders expect the market to remain tight in the near term. The front-month VLSFO crack dipped to $15.01 per barrel against Dubai crude during the Asian trading hours, compared with $15.39 per barrel a day earlier. "Global fuel oil markets should remain tight as bunkering demand stays robust at the start of the year, while oil-fired power generation in Northeast Asia is expected to peak during January and February 2022," consultancy Energy Aspects said in note. "Steep prompt backwardation in Singapore VLSFO spreads could face near-term downside from higher arrivals to the Singapore Straits in the next weeks, but arrivals to the east of Suez in the second half of Q1 22 may lighten." The front-month VLSFO time spread narrowed its backwardation on Tuesday to trade at $15.75 a tonne on Tuesday, compared with $16.25 a tonne on Monday. Cash premiums for Asia"s 0.5% VLSFO fell to $16.15 a tonne to Singapore quotes, down from $16.66 per tonne a day earlier. Asia"s cash premiums for 380-cst high sulphur fuel oil (HSFO) dropped to $1.35 per tonne to Singapore quotes, compared with $2.26 a tonne in the previous session. OMICRON WOES - New Zealand delayed the planned reopening of its international border as Omicron infections are multiplying rapidly across Europe, the United States and Asia. read more - Many nations are on high alert just days ahead of Christmas and New Year celebrations, as the latest health crisis also takes a toll on financial markets, which fear the impact on the global economic recovery. WINDOW TRADES - Two VLSFO trades, no HSFO deals OTHER NEWS - Oil prices steadied on Tuesday after a sharp fall in the previous session as investors worried about the rapid spread of the Omicron coronavirus variant and the impact of renewed restrictions on fuel demand. - OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets. read more ASSESSMENTS FUEL OIL CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Cargo - 180cst 403.87 4.85 1.22 399.02 Diff - 180cst -1.28 -0.12 10.34 -1.16 Cargo - 380cst 397.75 2.56 0.65 395.19 Diff - 380cst 1.35 -0.91 -40.27 2.26 Bunker (Ex-wharf)- 380cst 401.00 2.00 0.50 399.00 Bunker (Ex-wharf) Premium 3.25 -0.56 -14.70 3.81 For a list of derivatives prices, including margins, please double click the RICs below. Brent M1 180cst M1 180cst M1/M2 180cst M2 Visco M1 Visco M2 380cst M1 380cst M1/M2 380cst M2 Cracks 180-Dubai M1 Cracks 180-Dubai M2 East-West M1 East-West M2 Barges M1 Barges M1/M2 Barges M2 Crack Barges-Brent M1 Crack Barges-Brent M2 Reporting by Koustav Samanta; Editing by Sherry Jacob-Phillips