The front-month crack was at $9.70 a barrel at the Asia close (0830 GMT) on the last trading day of February, compared to $14.16 a barrel on the first day of the month.
Supplies to Asia in February were between 5.5 to 6.0 million tonnes, strengthening from January, Refinitiv ship-tracking data showed. Meanwhile, about 4 million tonnes of supplies are estimated to arrive in Asia for March, with more loadings expected in the coming weeks, the data showed. The 0.5% VLSFO cash differential dipped to $5.48 a tonne on Tuesday, while the 380-cst HSFO cash differential edged slightly higher to $2.44 a tonne.
OTHER NEWS
- Oil prices rose on Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further U.S. interest rate hikes dragging on consumption in the world's biggest economy. - India has withdrawn trading licences for oil tankers and bulk carriers that are more than 25 years old, its shipping regulator said, as the world's third-largest greenhouse gas emitter looks to cut emissions and reduce the average age of its fleet.
- Urals crude exports to China from Russia's Western ports rose in February on lower freight costs and rising demand, Reuters sources said. - Strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 577.22 2.91 574.31 Diff - 0.5% VLSFO 5.48 -0.12 5.60 Cargo - 180cst 425.73 0.56 425.17 Diff - 180cst 1.25 0.00 1.25 Cargo - 380cst 405.06 -0.66 405.72 Diff - 380cst 2.44 0.19 2.25 Bunker (Ex-wharf) Premium - 380cst 7.00 -0.50 7.50
Bunker (Ex-wharf) Premium - 0.5% VLSFO 10.00 0.00 10.00
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 Eileen Soreng)
