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Asia Fuel Oil-Spot 180-cst HSFO trades at steeper discount

Reuters · 01/06/2023 05:56
Asia Fuel Oil-Spot 180-cst HSFO trades at steeper discount


- The spot market for 180-cst high sulphur fuel oil (HSFO) traded at a steeper discount on Friday compared to last week.

Vitol bought a 20,000-tonne cargo 180-cst HSFO from PetroChina at a discount of $3 to Singapore quotes on Friday, for loading between Jan. 26 to 30. O/AS

Reflecting -term bearishness, the 180-cst HSFO forward curve was in contango for the first half of 2023, Refinitiv data showed Firday. 0#FO180SGSD:

Ample supplies from Russia to Asia have weighed on the spot HSFO market, with the 380-cst HSFO market steadying at thin premiums to Singapore quotes by the end of this week. FO380-SIN-DIF

The 0.5% very low sulphur fuel oil (VLSFO) market also trended steady to lower in recent sessions, with its cash differential easing to a premium of $8 a tonne on Friday.


ARA INVENTORIES STK-FO-ARA

Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 1% week-on-week to 1.11 million tonnes in the week ended Jan. 5, latest data from Dutch consultancy Insights Global showed.



OTHER NEWS

- Oil prices rose on Friday, supported by hopes of a China demand boost and after data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year.

- Output from Vietnam's largest oil refinery is expected to fall by 20%-25% during the first 10 days of January as its residual fluid catalytic cracking (RFCC) unit has been shut down due to a technical problem, the government said on Thursday.

- Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.

- Earnings from Shell's liquefied gas trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday.



WINDOW TRADES O/AS

- 180-cst HSFO: One 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

542.56

2.85

539.71

MFO05-SIN

Diff - 0.5% VLSFO

8.00

-0.98

8.98

MFO05-SIN-DIF

Cargo - 180cst

362.00

-0.38

362.38

FO180-SIN

Diff - 180cst

-3.00

-2.15

-0.85

FO180-SIN-DIF

Cargo - 380cst

345.58

2.15

343.43

FO380-SIN

Diff - 380cst

0.90

-0.06

0.96

FO380-SIN-DIF

Bunker (Ex-wharf) Premium - 380cst

10.00

0.00

10.00


Bunker (Ex-wharf) Premium - 0.5% VLSFO

18.00

0.00

18.00


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 Shinjini Ganguli)

((Jeslyn.Lerh@thomsonreuters.com;))