The cash premium for 0.5% very low sulphur fuel oil closed at $4.22 a tonne, while front-month margins dipped to a premium of $8.42 a barrel. Meanwhile, high sulphur fuel oil's cash premium eased to $6.72 a tonne, while front-month margins climbed to a discount of $9.62 a barrel.
Fuel oil inventories at Fujairah, which mostly comprised high sulphur barrels, fell 11% to 9.66 million barrels (1.52 million tonnes) in the week ended April 24, according to Fujairah Oil Industry Zone data published by S&P Global Commodity Insights.
In tenders, Saudi Aramco offered three 550,000-barrel cargoes of straight run fuel oil for May loading.
OTHER NEWS
- Oil prices were mixed on Wednesday as falling U.S. inventories lifted the U.S. WTI price, while the Brent benchmark steadied as the market took stock of weak U.S. data that raised fears of recession in the world's biggest economy. - Murban, a light sour Middle East crude benchmark, on Wednesday plunged to its lowest level in two years, following the sluggish refining margins and potential competition of light crude from further afield.
- Global diesel margins have slumped by about half since February, dragging on refiners' profits, as Russian exports continue despite sanctions, helping output from China and India reach all-time highs in March.
- Cuba increasingly is turning to Russia and Mexico for oil to ease an acute shortage of diesel and gasoline and supplement dwindling supplies of Venezuelan crude and fuel, according to shipping data and sources.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 564.75 -15.03 579.78 Diff - 0.5% VLSFO 4.22 -0.35 4.57 Cargo - 180cst 454.89 -9.98 464.87 Diff - 180cst 3.18 0.17 3.01 Cargo - 380cst 453.06 -9.88 462.94 Diff - 380cst 6.72 -0.03 6.75 Bunker (Ex-wharf) Premium - 380cst 12.00 0.00 12.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 11.00 1.00 10.00
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 Sonia Cheema)
