Over the weekend, the refinery had offered 120,000 to 150,000 tonnes of 0.5% VLSFO for loading between May 27 and 28, in a tender that closes on Monday, according to the sources. But the tender appeared to have limited impact on spot prices at the start of the new trading week.
Asia's cash premium for 0.5% VLSFO eased slightly at $7.23 a tonne, though the front-month margin gained from its previous session to a premium of $8.60 a barrel at 0830 GMT.
Meanwhile, Asia's spot high sulphur fuel oil (HSFO) market was also little changed on Monday. The cash premium for 380-cst HSFO closed at $5.60 a tonne, while the front-month margin climbed to a discount of $8.02 a barrel.
SINGAPORE BUNKER SALES
Bunker sales hit three-month highs at the world's biggest refuelling hub Singapore in April, the latest official data showed, as prices were more competitive than regional ports.
Sales climbed for a second consecutive month to 4.25 million tonnes, up 2% month-on-month and 14% from a year earlier, Singapore's Maritime and Port Authority data showed. The rise reflected higher vessel calls for bunkering, which totalled 3,495 calls in April, extending gains after hitting two-year highs in March. Bunker prices for VLSFO at Singapore were $5 to $20 lower than China's Zhoushan in April and May so far, according to bunker traders. OTHER NEWS
- Oil prices were steady on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves competed with concerns on fuel demand in top global oil consumers the United States and China. - Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow's war effort, said officials with direct knowledge of the discussions. - Sour crude oil supplies for U.S. Gulf Coast oil refiners will be squeezed in coming weeks, market participants said, as global demand rises following this month's OPEC+ production cut.
- Brazilian state-run oil firm Petrobras could announce an adjustment in motor fuel prices next week, the company's top executive said, at a time when international crude oil benchmarks have edged down in recent months.
WINDOW TRADES - 180-cst HSFO: No trade - 380-cst HSFO: No trade - 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL
CASH ($/T) ASIA CLOSE CHANGE PREV CLOSE RIC
Cargo - 0.5% VLSFO 527.23 0.38 526.85 Diff - 0.5% VLSFO 7.25 -0.05 7.30 Cargo - 180cst 431.38 -0.81 432.19 Diff - 180cst 4.45 0.20 4.25 Cargo - 380cst 419.05 -0.37 419.42 Diff - 380cst 5.60 -0.15 5.75 Bunker (Ex-wharf) Premium - 380cst 11.00 -1.00 12.00
Bunker (Ex-wharf) Premium - 0.5% VLSFO 12.00 0.00 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 Sohini Goswami)
