SINGAPORE, Feb 13 (Reuters) - Asia's spot market was little changed on Monday, though at
risk of downward pressure as bunkering demand has weakened in the month so far, following a
month of robust uptake, trade sources said.
Marine fuel sales in Singapore climbed to a two-year high in January, lifted by stronger
vessel arrivals at the world's top bunkering port since the start of 2023, official data showed
on Monday, though trade sources said that demand has softened in February.
"January demand was still alright but February's demand is markedly weaker," said a bunker
fuel trader based in Singapore, adding that delivered bunker fuel premiums have been falling
faster than cargo premiums.
The 0.5% VLSFO cash differential eased to a premium of $19.48 a tonne on
Monday, compared to high $20s a tonne at the start of February, data showed.
Meanwhile, the 380-cst HSFO cash differential rose slightly to a premium of
$3 a tonne on Monday.
Demand for high-sulphur bunkers could retain support as more scrubber-installed vessels come
online, with February's Singapore 380-cst bunker sales forecast at 1.29 million tonnes based on
the arrival of scrubber-fitted vessels, Refinitv Oil Research said.
SINGAPORE BUNKER SALES
Bunker sales reached 4.38 million tonnes in January, climbing 4% month-on-month and 9%
year-on-year, data from Singapore's Maritime and Port Authority showed, while vessel calls at
Singapore rose to a 21-month high of 3,447 in January.
OTHER NEWS
- Oil prices eased around 1% on Monday after rising in the previous session, as investors
focused on short-term demand concerns stemming from crucial upcoming U.S. inflation data and
refinery maintenance in Asia and the United States.
- Russia plans to sell more than 80% of its oil exports to what it calls "friendly"
countries in 2023, Deputy Prime Minister Alexander Novak said on Monday, referring to countries
that have not sanctioned Moscow over its invasion of Ukraine.
- The value of Singapore's oil trade in 2022 climbed by 47.5% from a year earlier, extending
a 43.6% increase in 2021, driven mainly by rising domestic exports and re-exports of refined
products, government agency Enterprise Singapore said on Monday.
- China National Petroleum Corp (CNPC) is close to finalising a deal to buy liquefied
natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle Eastern exporter's
massive North Field expansion project, three people with knowledge of the matter said.
WINDOW TRADES - 180-cst HSFO: No trade
- 380-cst HSFO: One trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 632.49 -1.44 633.93 Diff - 0.5% VLSFO 19.48 -0.91 20.39 Cargo - 180cst 401.62 1.91 399.71 Diff - 180cst -5.63 0.43 -6.06 Cargo - 380cst 401.29 4.91 396.38 Diff - 380cst 3.00 0.06 2.94 Bunker (Ex-wharf) Premium - 380cst 8.00 1.00 7.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 20.00 -2.00 22.00
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 Jeslyn Lerh; Editing by Varun H K)
