Onshore fuel oil stocks were down at 23.06 million barrels (3.63 million tonnes) in the week to April 26, sliding 2% from the previous week, based on Enterprise Singapore data. Weekly net fuel oil imports slipped 19% to 702,000 tonnes, after more than doubling in the previous week, the data showed.
Cash premiums for the benchmark 0.5% low-sulphur fuel oil grade in Asia posted weekly gains of more than 10% as of this week, though heavy supply arrivals into Asia capped gains.
The cash premium for very low sulphur fuel oil closed at $4.50 a tonne on Thursday, while front-month margins edged higher to a premium of $8.76 a barrel. Meanwhile, high sulphur fuel oil's cash premium dipped to $6.40 a tonne, while front-month margins eased to a discount of $9.78 a barrel.
OTHER NEWS
- Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month. - A rise in spot prices for Russian crude oil to above the $60 per barrel cap imposed by western powers has made ship insurers even more nervous of running foul of the rules as they are unable to independently track the value of cargoes, executives said.
- Singapore's first ship-to-ship transfer for ammonia could take place by end-2023, the Global Centre for Maritime Decarbonisation (GCMD) said on Thursday, as the city state prepared to introduce new fuels for ships.
- Russia's refiners, keen to take advantage of good margins, have increased output and companies have exported more refined products despite an EU embargo and oil price cap, data cited by two industry sources showed, and two traders said.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 550.32 -14.43 564.75 Diff - 0.5% VLSFO 4.50 0.28 4.22 Cargo - 180cst 437.92 -16.97 454.89 Diff - 180cst 2.90 -0.28 3.18 Cargo - 380cst 435.20 -17.86 453.06 Diff - 380cst 6.40 -0.32 6.72 Bunker (Ex-wharf) Premium - 380cst 12.00 0.00 12.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 11.00 0.00 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 Janane Venkatraman)
