SINGAPORE, Jan 23 (Reuters) - Spot fuel oil premiums were little changed on Thursday, while onshore inventories at Singapore edged up to a four-week high.
Inventories have been holding above average levels, with most recent data showing volumes above 21 million barrels.
Most of the week's imports came from Brazil, Saudi Arabia and Russia, while majority of exports were headed to China, latest data showed.
The market remained cautious about the supply outlook as with previous sessions.
Singapore cash premiums for high sulphur fuel oil (HSFO) rose slightly on Thursday amid a wider backwardation, while very low sulphur fuel oil (VLSFO) inched down as offers eased for loading dates into the second half of February.
Meanwhile, cracks climbed on Thursday due to lower crude prices. Singapore 380-cst HSFO crack FO380BRTCKMc1 closed higher at a discount near $2.55 a barrel, while VLSFO crack LFO05SGBRTCMc1 closed at a premium near $11 a barrel.
Separately, Thailand's PTT offered VLSFO for loading in February via a tender that closes on Friday, based on industry sources.
INVENTORY DATA
- Singapore onshore fuel oil stockpiles STKRS-SIN were at 21.11 million barrels (3.32 million tons) in the week to Jan. 22, up 1.7% week-on-week, Enterprise Singapore data showed.
OTHER NEWS
- Oil prices dipped on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump's proposed tariffs and energy policies would impact global economic growth and energy demand. O/R
- Saudi Arabia's state oil company Aramco bought its first cargo of WTI Midland, a U.S. crude oil grade that underpins the global Brent benchmark, oil-index publisher S&P Global Commodity Insights said.
- Australia's Ampol estimated a steep drop in annual earnings as production at its Lytton refinery in Queensland was hit by operational constraints and lower refining margins.
- LyondellBasell Industries will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: No trade
- 0.5% VLSFO: No trade
ASSESSMENTS
FUEL OIL | ||||
CASH ($/T) | ASIA CLOSE | CHANGE | PREV CLOSE | RIC |
Cargo - 0.5% VLSFO | 575.41 | -0.22 | 575.63 | MFO05-SIN |
Diff - 0.5% VLSFO | 8.90 | -0.35 | 9.25 | MFO05-SIN-DIF |
Cargo - 180cst | 493.10 | 1.49 | 491.61 | FO180-SIN |
Diff - 180cst | 7.38 | 0.63 | 6.75 | FO180-SIN-DIF |
Cargo - 380cst | 488.23 | 0.70 | 487.53 | FO380-SIN |
Diff - 380cst | 8.72 | -0.18 | 8.90 | FO380-SIN-DIF |
Bunker (Ex-wharf) Premium - 380cst | 10.00 | 0.50 | 9.50 | |
Bunker (Ex-wharf) Premium - 0.5% VLSFO | 10.00 | 0.50 | 9.50 |
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 Tasim Zahid)
((jeslyn.lerh@thomsonreuters.com))
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