Singapore's spot 380-cst HSFO premium rose to $8 a tonne on Wednesday, buoyed by steady buying and expectations of higher seasonal demand.
The front-month 380-cst HSFO crack eased slightly to a
discount of $12.93 a barrel at the Asia close (0830 GMT), after hitting
nine-month highs in the previous day.
FUJAIRAH INVENTORIES Over in the UAE's Fujairah, residual fuel oil stocks rose 2% to 11.60
million barrels (1.83 million tonnes) in the week ended March 27, Fujairah Oil
Industry Zone data published by S&P Global Commodity Insights showed.
Large inflows of Russian crude oil and refined products have boosted tank
storage demand at Fujairah, pushing storage fees at the transit and blending hub
to all-time highs in the first quarter, industry sources said.
OTHER NEWS
- Oil rose for a third session on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns about tightening supply, while easing fears of a global banking crisis supported risk sentiment in the wider markets. - APM Terminals, a subsidiary of Danish shipping company Maersk, plans to double its capacity at Rotterdam Port, a spokesperson for the company said. - Russia and India are looking at expanding the use of the Northern Sea shipping route that passes through the Artic and which could include the building of processing facilities, Russia's Interfax agency reported on Wednesday.
- China's mega private refineries are expected to operate at full processing
rates or higher until April as their margins have improved after the government
lifted COVID-19 restrictions, company officials said on Wednesday.
WINDOW TRADES - 180-cst HSFO: Three trades
- 380-cst HSFO: Two trades
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 550.60 -4.67 555.27 Diff - 0.5% VLSFO 6.45 -1.16 7.61 Cargo - 180cst 419.15 -2.77 421.92 Diff - 180cst 0.87 -0.40 1.27 Cargo - 380cst 415.99 -1.61 417.60 Diff - 380cst 8.00 -0.03 8.03 Bunker (Ex-wharf) Premium - 380cst 12.00 0.00 12.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 10.00 -1.00 11.00
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 Savio D'Souza)
