Kuwait's Al Zour has offered 120,000 tonnes of 0.5% VLSFO for loading between March 7 and 8, in a tender that closes Tuesday. Total fuel oil supplies into Asia are expected to breach 5.5 million tonnes for February, latest assessments by Refinitiv Oil Research showed on Tuesday. This compared higher from January, led by an uptick in both Western and Middle Eastern supplies.
The 0.5% VLSFO cash differential declined to a premium of $17 a tonne on Tuesday, nearing a four-week low.
The market's front-month refining margin also fell at the Asia close (0830 GMT) on Tuesday, at a premium of $11.64 a barrel. OTHER NEWS
- Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed.
- The Biden administration said it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years. - Venezuela will contract with an Iranian shipyard to build two oil tankers under an existing construction agreement bedeviled by payment delays and difficulties with needed certifications, according to people familiar with the matter and documents.
- Shipping group Maersk said it had filed a lawsuit against the owner and operator of
container ship Ever Given, which blocked the Suez Canal for six days in 2021, claiming
compensation for delays caused by the incident.
WINDOW TRADES - 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: One trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 628.01 -4.48 632.49 Diff - 0.5% VLSFO 17.00 -2.48 19.48 Cargo - 180cst 410.63 9.01 401.62 Diff - 180cst -5.45 0.18 -5.63 Cargo - 380cst 408.64 7.35 401.29 Diff - 380cst 2.67 -0.33 3.00 Bunker (Ex-wharf) Premium - 380cst 9.00 1.00 8.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 19.00 -1.00 20.00
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 Maju Samuel)
