Analysts at FGE noted that any overhang of Russian high sulphur residue was mopped up by strong Chinese buying for use as a secondary feedstock.
"It needs to be pointed, however, that the likes of China and India will not always be around to snap up Russian residue cargoes. Intermittent buying patterns would increase volatility into the Asian HSFO crack," they said in a note.
INVENTORIES Fuel oil stocks at the Fujairah trading hub dropped by 1.474 million barrels to a three-week low of 19.407 million barrels in the week to March 13, according to S&P Global Commodity Insights. Oil storage demand and transit volumes are poised to grow further at the United Arab Emirates' Fujairah port this year as Russian trade flows continue to flood the hub, while latest price caps on Russian petroleum products have a mild impact on trade, industry executives said on Tuesday. SINGAPORE CASH DEALS - 180-cst HSFO: One trade - 380-cst HSFO: No trade - 0.5% VLSFO: One trade
PRICES
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV RIC
CLOSE
Cargo - 0.5% VLSFO 548.34 -9.00 557.34 Diff - 0.5% VLSFO 4.69 0.67 4.02 <MFO05-SIN-
DIF>
Cargo - 180cst 422.47 -2.45 424.92 Diff - 180cst 5.66 1.48 4.18 <FO180-SIN-
DIF>
Cargo - 380cst 410.14 -6.20 416.34 Diff - 380cst 7.04 0.17 6.87 <FO380-SIN-
DIF>
Bunker (Ex-wharf) 7.75 -7.25 15.00
Premium - 380cst
Bunker (Ex-wharf) 11.00 0.25 10.75
Premium - 0.5% VLSFO
For a list of derivatives prices, including margins, please
double click the RICs below.
Brent M1 <BRENTSGMc1
>
180cst M1 <FO180SGSWM
c1>
180cst M1/M2 <FO180SGSDM
c1>
180cst M2 <FO180SGSWM
c2>
Visco M1 <FOVISSGDFM
c1>
Visco M2 <FOVISSGDFM
c2>
380cst M1 <FO380SGSWM
c1>
380cst M1/M2 <FO380SGSDM
c1>
380cst M2 <FO380SGSWM
c2>
Cracks 180-Dubai M1 <FO180SGCKM
c1>
Cracks 180-Dubai M2 <FO180SGCKM
c2>
East-West M1 East-West M2 Barges M1 <HFOFARAAMc
1>
Barges M1/M2 <HFOFARAASM
c1>
Barges M2 <HFOFARAAMc
2>
Crack Barges-Brent M1 <HFOFARAACM
c1>
Crack Barges-Brent M2 <HFOFARAACM
c2>
(Reporting by Mohi Narayan; Editing by Shailesh Kuber)
