Total supplies to Asia are expected to reach about 6 million tonnes in February, firming from January's 4-4.5 million tonnes, latest assessments by Refinitiv Oil Research showed this week.
The influx was led by stronger arrivals from both the West and the Middle East, as the arbitrage window remained open amid a wide East-West price spread. The cash differential for 0.5% VLSFO fell to $8 a tonne on Tuesday, hitting a six-week low.
The refining margin for the product was at $9.23 a barrel at the Asia close, sliding from the previous session.
OTHER NEWS
- Oil prices fell on Tuesday as concerns about a global economic slowdown that would reduce demand prompted investors to take profits on the previous day's gains, outweighing supply curbs. - The Global Centre for Maritime Decarbonisation has completed trials on two supply chains of biofuel blends for vessel bunkering at Singapore, the centre said on Tuesday.
- South Korean refiner GS Caltex plans to shut one of its four crude distillation units
(CDUs) for maintenance in March, several sources close to the matter said on Tuesday.
- Equinor has agreed to sell its South Riding Point oil terminal in the Bahamas to Estonian
logistics and investment company Liwathon Group, the Norwegian oil and gas producer said on
Tuesday.
WINDOW TRADES - 180-cst HSFO: One trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: One trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 583.50 -7.80 591.3 Diff - 0.5% VLSFO 8.00 -3.50 11.50 Cargo - 180cst 425.48 1.43 424.05 Diff - 180cst 0.98 0.02 0.96 Cargo - 380cst 407.89 1.74 406.15 Diff - 380cst 1.64 -0.42 2.06 Bunker (Ex-wharf) Premium - 380cst 8.00 -0.50 8.50
Bunker (Ex-wharf) Premium - 0.5% VLSFO 18.00 -0.50 18.50
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 Louise Heavens)
