SINGAPORE, March 21 (Reuters) - Asia's spot cash premium for very low sulphur fuel oil
(VLSFO) rose on Tuesday, extending gains from the previous session, while the market closely
watched the results of Kuwait's April-loading Al Zour tenders.
The refiner had offered two 120,000-tonne cargoes for loading between April 3-4 and April
7-8 respectively, a sign of steady export supplies as it continues to ramp up operations.
Despite this, Singapore's cash premium for 0.5% VLSFO jumped to $10.48 a
tonne, after staying trapped in single-digit premiums for nearly a month. A spot trade had
emerged at $11 a tonne to Singapore quotes for April 15-19 loading. Meanwhile, cash premiums for high sulphur fuel oil are expected to trend steady to lower in
the near term, as Middle Eastern supplies and Russian supplies to Asia remained strong.
OTHER NEWS
- Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the
rescue of Credit Suisse eased worries about global banking sector risks that could hit economic
growth and fuel demand.
- Trafigura helps to export limited supplies of Russian refined products within the rules of
international sanctions and is considering whether to resume more trade in its oil, CEO Jeremy
Weir said on Tuesday.
- Global commodities trader Mercuria made a record net profit of $2.98 billion in 2022 after
Russia's invasion of Ukraine rocked global energy markets, a document summarising the results
showed.
- Iran counts on "huge volumes" of oil and gas swaps from Russia this year, Iranian Economy
Minister Ehsan Khandouzi said in an interview with Russia's RIA state news agency in remarks
published on Tuesday.
WINDOW TRADES - 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: One trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 536.30 23.22 513.08 Diff - 0.5% VLSFO 10.48 4.02 6.46 Cargo - 180cst 396.95 20.22 376.73 Diff - 180cst 7.17 0.79 6.38 Cargo - 380cst 385.20 20.16 365.04 Diff - 380cst 7.00 0.78 6.22 Bunker (Ex-wharf) Premium - 380cst 10.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 12.00
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)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.