Singapore's spot 0.5% VLSFO cash premium fell to $9.75 a tonne, while the
market's front-month refining crack dipped to $8.92 a barrel at the Asia close
(0830 GMT).
Residual fuel oil stocks at Singapore rose to five-month highs after weekly net fuel oil
imports jumped, led by strong arrivals from Kuwait and Brazil, official data showed on Thursday.
Meanwhile, Bangladesh was among the top destinations for Singapore's net fuel oil exports,
as the South Asian country ramped up purchases ahead of firmer power generation demand in
summer.
Elsewhere, Vietnams's Nghi Son refinery is offering 20,000 tonnes of fuel for April loading,
in a tender that closes on March 28. SINGAPORE INVENTORIES Onshore fuel oil stocks rose 9% to 23.05 million barrels (3.63 million tonnes) in the week
ended March 22, Enterprise Singapore data showed.
OTHER NEWS
- Oil prices fell on Thursday following three sessions of gains, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy, while U.S. crude stocks rose more than expected.
- China is expected to account for around 40% of the increase in global oil demand this year as its economy emerges from strict lockdowns, but the increased use will not take prices back to 2022 levels, consultancy Wood Mackenzie said on Thursday.
- Lukoil, Russia's largest private oil company, is planning to enter the retail fuel market in neighbouring Kazakhstan by launching a franchisee project, four sources familiar with the matter told Reuters.
- EU countries on Thursday reached a preliminary agreement to reduce greenhouse gas
emissions in the maritime sector by increasing the use of renewable fuels on ships.
WINDOW TRADES - 180-cst HSFO: No trade
- 380-cst HSFO: One trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 546.44 6.22 540.22 Diff - 0.5% VLSFO 9.75 -1.25 11.00 Cargo - 180cst 404.22 6.16 398.06 Diff - 180cst 5.15 -0.37 5.52 Cargo - 380cst 395.10 7.73 387.37 Diff - 380cst 8.00 0.44 7.56 Bunker (Ex-wharf) Premium - 380cst 11.00 0.00 11.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 12.00 -1.00 13.00
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 Shinjini Ganguli)
