Asia Fuel Oil-Spot premiums dip but HSFO bunkers retain strength
SINGAPORE, Oct 3 (Reuters) -Spot fuel oil premiums dipped in Asia on Thursday, though bunker prices for high sulphur fuel oil (HSFO) continued to retain support, market sources said.
Lower offers emerged for 380-cst high sulphur fuel oil, bringing the cargo cash differential below $5 a metric ton. However, delivered bunker fuel premiums remained strong on tight prompt supply.
Delivery dates in the first half of October could command premiums of over $60 a metric ton to Singapore cargo quotes this week, the highest in 2024 so far for a delivered pricing basis, according to data from the market sources.
Offers for dates in the second half of October largely ranged between $25 to $35 a metric ton, the sources said.
As for the low-sulphur market, delivered bunker premiums have trended stable to lower, while cargo premiums also fell.
Meanwhile, refining margins for fuel oil were little changed on Thursday. Cracks for 380-cst HSFO FO380DUBCKMc1 closed at discounts of about $9.15 a barrel, while VLSFO cracks LFO05SGDUBCMc1 closed at premiums of about $12.75 a barrel.
INVENTORY DATA
- Singapore onshore fuel oil stockpiles STKRS-SIN were at 16.76 million barrels (about 2.64 million metric tons) in the week to Oct. 2, recovering this week after sliding to about six-year lows last week, Enterprise Singapore data showed.
OTHER NEWS
- Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the region overshadowed a stronger global supply outlook. O/R
- A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasising the need for some members to make further cuts to compensate for overproduction.
- French oil major TotalEnergies told investors on Wednesday it would focus on low-cost upstream production and signing oil-linked gas contracts to operate profitably and reward shareholders through 2030 as prices fall.
- Long lines of container ships queued up outside major U.S. ports on Thursday as the biggest dockworker strike in nearly half a century entered its third day preventing unloading and threatening shortages of everything from bananas to auto parts.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL | ||||
CASH ($/T) | ASIA CLOSE | CHANGE | PREV CLOSE | RIC |
Cargo - 0.5% VLSFO | 561.29 | -3.90 | 565.19 | MFO05-SIN |
Diff - 0.5% VLSFO | 6.45 | -0.80 | 7.25 | MFO05-SIN-DIF |
Cargo - 180cst | 432.85 | -17.22 | 450.07 | FO180-SIN |
Diff - 180cst | 8.75 | -4.50 | 13.25 | FO180-SIN-DIF |
Cargo - 380cst | 417.07 | -7.86 | 424.93 | FO380-SIN |
Diff - 380cst | 4.75 | -0.25 | 5.00 | FO380-SIN-DIF |
Bunker (Ex-wharf) Premium - 380cst | 20.00 | -3.00 | 23.00 | |
Bunker (Ex-wharf) Premium - 0.5% VLSFO | 15.00 | -1.00 | 16.00 |
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 Vijay Kishore
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