SINGAPORE, April 4 (Reuters) - Spot benchmarks for Asia fuel oil market were rangebound on Friday in thin trade, while refining cracks posted weekly increases amid steep losses in crude prices this week.
Cash differentials for very low sulphur fuel oil (VLSFO) held at thin premiums over cargo quotes while bunker premiums improved slightly this week, trade sources said.
Meanwhile, 380-cst high sulphur fuel oil (HSFO) cash differentials remained in discounts, following a sharp crunch earlier in the week.
The overall market is expected to be plentifully supplied with ample blendstock components to Asia this month, sources said.
However, refining margins retained strength, largely supported by a sharp decline in crude prices.
VLSFO cracks for May LFO05SGBRTCMc1 closed at premiums of about $8.30 a barrel on Friday, up about 10% from last week, while 380-cst HSFO cracks FO380BRTCKMc1 closed at discounts near $1.90, gaining more than 40%, based on data compiled by LSEG.
INVENTORY DATA
- ARA fuel oil inventories STK-FO-ARA fell 5.2% to 1.03 million tons in the week to April 3, based on data from Dutch consultancy Insights Global.
OTHER NEWS
- Oil prices fell over 1% on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns that a global trade war could hurt oil demand. O/R
- Eight OPEC+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, a decision that prompted oil prices to extend earlier sharp losses.
- India's gasoline demand is expected to peak by 2035, and gasoil consumption by 2041 or beyond as motorists shift to cleaner fuels, an executive at Reliance Industries RELI.NS said.
- PBF Energy is restarting several refinery process units at the Martinez facility that were shut after a fire broke out in February, the company said.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL | ||||
CASH ($/T) | ASIA CLOSE | CHANGE | PREV CLOSE | RIC |
Cargo - 0.5% VLSFO | 486.71 | -27.57 | 514.28 | MFO05-SIN |
Diff - 0.5% VLSFO | 2.75 | -0.25 | 3.00 | MFO05-SIN-DIF |
Cargo - 180cst | 429.91 | -27.38 | 457.29 | FO180-SIN |
Diff - 180cst | 1.25 | 0.85 | 0.40 | FO180-SIN-DIF |
Cargo - 380cst | 416.68 | -28.15 | 444.83 | FO380-SIN |
Diff - 380cst | -1.40 | 0.65 | -2.05 | FO380-SIN-DIF |
Bunker (Ex-wharf) Premium - 380cst | 3.00 | 0.00 | 3.00 | |
Bunker (Ex-wharf) Premium - 0.5% VLSFO | 5.00 | 0.00 | 5.00 |
For a list of derivatives prices, please refer to ENSWAP/INFO or the RICs below: | |
180cst M1 | FO180SGSWMc1 |
180cst M1/M2 | FO180SGSDMc1 |
380cst M1 | FO380SGSWMc1 |
380cst M1/M2 | FO380SGSDMc1 |
0.5% VLSFO M1 | LFO05FSGMc1 |
0.5% VLSFO M1/M2 | LFO05FSGSMc1 |
Cracks 180cst-Brent M1 | FO180BRTCKMc1 |
Cracks 180cst-Dubai M1 | FO180SGCKMc1 |
Cracks 380cst-Brent M1 | FO380BRTCKMc1 |
Cracks 380cst-Dubai M1 | FO380DUBCKMc1 |
Cracks 0.5% VLSFO-Brent M1 | LFO05SGBRTCMc1 |
Cracks 0.5% VLSFO-Dubai M1 | LFO05SGDUBCMc1 |
Visco 180cst/380cst M1 | FOVISSGDFMc1 |
Hi-5 0.5% VLSFO/380cst M1 | FO05-380SGMc1 |
GoFo 10PPM/0.5% VLSFO M1 | GO10FO05FSGMc1 |
East-West M1 | FOSGEWMc1 |
Barges M1 | HFOFARAAMc1 |
Barges M1/M2 | HFOFARAASMc1 |
Crack Barges-Brent M1 | HFOFARAACMc1 |
(Reporting by Jeslyn Lerh; Editing by Krishna Chandra Eluri)
((jeslyn.lerh@thomsonreuters.com))
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