Asia Fuel Oil-Spot 180-cst HSFO trades at steeper discount
SINGAPORE, Jan 6 (Reuters) - 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)