Fujairah inventories were at 12.31 million barrels (1.94 million tonnes), hitting a ten-week high amid an uptick in supply inflows.
"The consistent flow of Russian fuel oil cargoes to the region continues. Saudi Arabia and UAE remain key off-takers of Russian fuel oil cargoes arriving directly from Russian ports," said Bharat Rajpurohit, MENA analyst for fuel oil at Refinitiv.
Despite a jump in inventories, fuel oil exports from the Middle East to Singapore remained strong in the month, Refinitiv ship-tracking data showed, while Western supplies flowing to Asia also firmed month-on-month.
The 0.5% VLSFO cash differential slid further to three-month lows on Wednesday, hitting $6.50 a tonne over Singapore quotes.
FUJAIRAH INVENTORIES Residual fuel oil stocks at Fujairah surged by over 50% to 12.31 million barrels (1.94 million tonnes) in the week ended Feb. 20, according to Fujairah Oil Industry Zone data published by S&P Global Commodity Insights.
OTHER NEWS
- Oil prices fell on Wednesday amid expectations the U.S. Federal Reserve will indicate later in the day that interest rates are set to rise more, stoking concerns of lower global economic growth and demand for fuel.
- Bangladesh's private power producers will need $1 billion in foreign currency to import fuel and avert an energy crisis this summer, their industry association said in a letter to the central bank seen by Reuters. - China's Sinopec Corp said on Wednesday it completed trial runs at a one million tonnes-per-year ethylene plant in the southern Chinese province of Hainan. - Global shipping companies are exploring ways to boost safety in transporting cargoes as risks grow from fires erupting inside containers or in cars at sea, officials said.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: One trade - 0.5% VLSFO: One trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 569.04 -14.46 583.5 Diff - 0.5% VLSFO 6.50 -1.50 8.00 Cargo - 180cst 429.80 4.32 425.48 Diff - 180cst 1.25 0.27 0.98 Cargo - 380cst 412.11 4.22 407.89 Diff - 380cst 2.25 0.61 1.64 Bunker (Ex-wharf) Premium - 380cst 8.00 0.00 8.00
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 Devika Syamnath)
