Asia Fuel Oil-Premiums steady; Southeast Asia tenders underway
SINGAPORE, July 22 (Reuters) -Spot premiums for fuel oil were broadly stable in Asia on Monday, while several Southeast Asian tenders for August cargoes were in progress, based on industry sources and shipping records.
Thailand's ThaiOil offered 18,000 metric tons of high sulphur fuel oil (HSFO) for loading from Sriracha between August 7 and 9, in a tender that closes on Tuesday. FUEL/TENDA
Indonesia's Pertamina offered 200,000 barrels of marine fuel oil (MFO) for loading from Cilacap between August 21 and 22, via a tender that closes on Monday. Separately, Vietnam's Nghi Son offered 28,000 tons of fuel oil for loading in early August.
Fuel oil benchmarks for the spot market were little changed, as trading momentum remained largely thin.
Cash premiums for both 180-cst and 380-cst HSFO hovered near $6 per ton, while cracks FO380DUBCKMc1 dipped towards discounts of about $6.25 per barrel, based on LSEG data.
Meanwhile, cash premium for very low sulphur fuel oil (VLSFO) held near $7 per ton, while margins LFO05SGDUBCMc1 steadied between premiums of $10.60 to $10.70 per barrel.
CHINA DATA
China's total fuel oil imports slipped 11% to 11.95 million tons in the first half of 2024, data showed on Saturday, amid a backdrop of weak refining margins and poor fuel demand.
Imports surged to a decade high in 2023 after independent refineries boosted purchases of discounted oil blended from Russian barrels.
However, buying has cooled off this year, with monthly imports sliding towards the end of the second quarter.
Meanwhile, fuel oil export volumes for bunkering totalled 9.05 million tons in the first half of 2024, down 8.3% from the same period in 2023.
OTHER NEWS
- Oil prices were little changed on Monday after Joe Biden announced he would not seek a second term as U.S. president, while investors watched for more signs that U.S. interest rates could be cut as early as September. O/R
- A tanker involved in a collision near Singapore last week entered the area of Malaysia's Bertam floating oil terminal on Monday after being found and intercepted by Malaysian authorities, shipping data from LSEG and Kpler showed.
- Nigeria's Dangote refinery is in talks with Libya to secure crude for the 650,000 barrels per day plant and will also seek Angolan oil, a senior executive said, as it seeks to overcome problems with domestic supplies.
- Australia's Woodside Energy said on Monday it had agreed to buy U.S. liquefied natural gas developer Tellurian, including its U.S. Gulf Coast Driftwood LNG export project, for $1.2 billion including debt.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL | ||||
CASH ($/T) | ASIA CLOSE | CHANGE | PREV CLOSE | RIC |
Cargo - 0.5% VLSFO | 591.75 | -14.07 | 605.82 | MFO05-SIN |
Diff - 0.5% VLSFO | 6.85 | -0.15 | 7.00 | MFO05-SIN-DIF |
Cargo - 180cst | 489.88 | -19.29 | 509.17 | FO180-SIN |
Diff - 180cst | 6.00 | 0.45 | 5.55 | FO180-SIN-DIF |
Cargo - 380cst | 483.76 | -19.06 | 502.82 | FO380-SIN |
Diff - 380cst | 6.05 | 0.55 | 5.50 | FO380-SIN-DIF |
Bunker (Ex-wharf) Premium - 380cst | 7.00 | 0.00 | 7.00 | |
Bunker (Ex-wharf) Premium - 0.5% VLSFO | 7.50 | -0.50 | 8.00 |
For a list of derivatives prices, including margins, please double click the RICs below. | |
Brent M1 | BRENTSGMc1 |
180cst M1 | FO180SGSWMc1 |
180cst M1/M2 | FO180SGSDMc1 |
180cst M2 | FO180SGSWMc2 |
Visco M1 | FOVISSGDFMc1 |
Visco M2 | FOVISSGDFMc2 |
380cst M1 | FO380SGSWMc1 |
380cst M1/M2 | FO380SGSDMc1 |
380cst M2 | FO380SGSWMc2 |
Cracks 180-Dubai M1 | FO180SGCKMc1 |
Cracks 180-Dubai M2 | FO180SGCKMc2 |
East-West M1 | FOSGEWMc1 |
East-West M2 | FOSGEWMc2 |
Barges M1 | HFOFARAAMc1 |
Barges M1/M2 | HFOFARAASMc1 |
Barges M2 | HFOFARAAMc2 |
Crack Barges-Brent M1 | HFOFARAACMc1 |
Crack Barges-Brent M2 | HFOFARAACMc2 |
Reporting by Jeslyn Lerh; Editing by Mrigank Dhaniwala
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