off-the-wire

Asia Fuel Oil-Cash premiums for VLSFO rise on crude weakness

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW DELHI, March 16 (Reuters) - Spot premiums for Asia's very low sulphur fuel oil (VLSFO) rose on Thursday even as Singapore stocks climbed to a three-week high, as crude oil markets slumped. The cash differential for 0.5% VLSFO rose by 29 cents to $4.98 a tonne. The 180-cst HSFO cash differential gained 59 cents to $6.25 a tonne, while the 380-cst HSFO cash differential fell to $6.64 a tonne. Marine fuel sales at the world's third-largest bunkering hub of Fujairah in the United Arab Emirates fell to record lows in February, based on the latest Fujairah Oil Industry Zone data, which started being published in 2021. The drop reflects the softer bunker demand across key refuelling ports in February, when sales at the world's largest bunker hub Singapore slumped to an eight-month low. INVENTORIES Onshore fuel oil stocks rose about 5% to 21.09 million barrels (3.32 million tonnes) in the week ended March 15, Enterprise Singapore data showed. NEWS - UAE's Fujairah must step up investments for storage and supply of new alternative fuels as these markets are still lacking traction at the world's third-largest bunkering hub despite the urgency for maritime decarbonisation, industry executives said on Wednesday. - U.S. crude exports to China in March are headed for their highest in nearly two-and-half-years, spurred by a recovery in demand and competitive prices compared with Middle East supplies. SINGAPORE CASH DEALS - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade


PRICES
CASH ($/T) ASIA CLOSE CHANGE PREV RIC CLOSE
Cargo - 0.5% VLSFO 526.63 -21.71 548.34 Diff - 0.5% VLSFO 4.98 0.29 4.69 <MFO05-SIN- DIF> Cargo - 180cst 403.67 -18.80 422.47 Diff - 180cst 6.25 0.59 5.66 <FO180-SIN- DIF> Cargo - 380cst 387.68 -22.46 410.14 Diff - 380cst 6.64 -0.40 7.04 <FO380-SIN- DIF> Bunker (Ex-wharf) 7.50 -7.50 15.00
Premium - 380cst
Bunker (Ex-wharf) 11.25 0.25 11.00
Premium - 0.5% VLSFO



For a list of derivatives prices, including margins, please
double click the RICs below.
Brent M1 <BRENTSGMc1


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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


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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 Eileen Soreng)

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