Asia Fuel Oil-Markets retain strength; Kuwait offers more VLSFO for Sept
SINGAPORE, Aug 28 (Reuters) -Asia's fuel oil markets retained support on Wednesday despite a fresh tender emerging from the Kuwait Al Zour refinery, offering more very low sulphur fuel oil (VLSFO) for September.
Backwardation continued to widen across the key fuel oil grades, reflecting prompt supply tightness in September.
Trade sources said there are some blending challenges to obtain on-specification fuels for bunkering, which led to the tightness for prompt delivery dates.
Bunker premiums at Singapore remained firm, while spot cargo premiums held at recent levels of above $12 per metric ton.
Kuwait's Al Zour had offered 130,000 tons of VLSFO for loading between Sept. 29 and 30, in a tender that closes on Thursday. However, this had limited bearish impact on the market.
The Al Zour cargoes that traded recently have also stayed within the Middle East instead of heading to Asia, sources added.
INVENTORY DATA
- Fujairah heavy fuel inventories FUJHD04 climbed 14.5% to 8.94 million barrels (1.41 million tons) in the week to Aug. 26, showed FOIZ data published by S&P Global Commodity Insights.
OTHER NEWS
- Oil prices fell on Wednesday amid persistent concern over Chinese demand and elevated risks of a broader slowdown, though the decline was capped by potential supply losses from the Middle East and Libya. O/R
- Several oilfields across Libya have halted output as closures spread, engineers said, amid a dispute over control of the central bank and the country's oil revenue.
- Asia's 10-ppm sulphur gasoil refining margins have slumped to a near 18-month low against a backdrop of softening prompt-month September paper swap prices and weakening ICE gasoil futures, pricing data from LSEG showed on Wednesday.
- U.S. imports of used cooking oil from China are set to hit a record in the months ahead, even as regulatory uncertainty casts doubts over longer-term prospects of a trade that boomed last year, according to market participants.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL | ||||
CASH ($/T) | ASIA CLOSE | CHANGE | PREV CLOSE | RIC |
Cargo - 0.5% VLSFO | 594.93 | -11.31 | 606.24 | MFO05-SIN |
Diff - 0.5% VLSFO | 12.40 | 0.15 | 12.25 | MFO05-SIN-DIF |
Cargo - 180cst | 444.47 | -14.05 | 458.52 | FO180-SIN |
Diff - 180cst | 3.00 | 0.50 | 2.50 | FO180-SIN-DIF |
Cargo - 380cst | 440.64 | -14.05 | 454.69 | FO380-SIN |
Diff - 380cst | 4.95 | 0.45 | 4.50 | FO380-SIN-DIF |
Bunker (Ex-wharf) Premium - 380cst | 9.00 | 0.00 | 9.00 | |
Bunker (Ex-wharf) Premium - 0.5% VLSFO | 19.00 | 2.00 | 17.00 |
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 Krishna Chandra Eluri
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