SINGAPORE INVENTORIES Onshore fuel oil stocks fell 9% to a five-week low of 20.60 million barrels (3.24 million tonnes) in the week ended March 1, Enterprise Singapore data showed. The drawdown was also due to a fall in weekly net imports, which softened 38% week-on-week to 502,000 tonnes.
OTHER NEWS - Oil prices edged higher on Thursday, though gains made on signs of a strong economic rebound in top crude importer China were kept in check by fears over the impact of potential increases to European interest rates. - China's seaborne imports of Russian oil are set to hit a record this month after refiners took advantage of cheap prices as domestic fuel demand rebounded, but Russia's plan to cut exports will likely cap buying in coming months. - Russian oil product exports from the Black Sea port of Tuapse in February were down 23% from initial plans at 1 million tonnes after harsh winter storms in the area, traders said and Refinitiv data showed.
- Refiners' profit from making gasoline has tripled in Asia this year from October lows amid tight supplies from China and hopes of record Indonesian demand, a trend that is likely to continue into summer driving season, traders and analysts said.
WINDOW TRADES - 180-cst HSFO: Three trades - 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 584.74 -5.18 589.92 Diff - 0.5% VLSFO 3.05 -1.90 4.95 Cargo - 180cst 463.16 9.49 453.67 Diff - 180cst 7.48 4.37 3.11 Cargo - 380cst 437.73 9.74 427.99 Diff - 380cst 7.50 3.25 4.25 Bunker (Ex-wharf) Premium - 380cst 10.00 1.00 9.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 9.00 -1.00 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 Varun H K)
