Asia Fuel Oil-HSFO 380-cst/Brent crack back in premium amid volatile trade

Reuters
02-20
Asia Fuel Oil-HSFO 380-cst/Brent crack back in premium amid volatile trade

SINGAPORE, Feb 20 (Reuters) - Singapore's 380-cst high-sulphur fuel oil (HSFO)/Brent crack flipped back into a premium on Thursday amid recent waves of volatile trading.

The crack had flipped from discounts to rare premiums earlier this month, before swinging back into discounts again.

Singapore March 380-cst HSFO/Brent crack FO380BRTCKMc1 closed at a premium of 37 cents a barrel on Thursday, LSEG data showed.

The HSFO market has undergone volatile swings this year due to a mixed bag of supply and demand drivers.

Backwardation continued to rally at prompt months, with March/April spread extending gains to near $19 per metric ton at Thursday's Asia close, based on data from trade sources.

Spot premiums for very low sulphur fuel oil (VLSFO) inched higher on Thursday as firmer-priced trades emerged after a few days of trading lull, though the market remained bearish on slow downstream bunkering demand in Asia.

Meanwhile, cracks for VLSFO LFO05SGBRTCMc1 closed largely stable at premiums of about $11 per barrel.

INVENTORY DATA

- Singapore onshore fuel oil stockpiles STKRS-SIN were at 18.91 million barrels (2.98 million tons) in the week to Feb. 19, down 5.8% from the previous week and logging three-week lows, Enterprise Singapore data showed.

OTHER NEWS

- Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. O/R

- Three oil tankers have been damaged by blasts in the last month in separate incidents around the Mediterranean, with the causes unknown, shipping and security sources said on Wednesday.

- The Singapore trading arm of U.S.-based refiner Phillips 66 has recently leased a new floating storage vessel along the Singapore and Malacca Straits for storing fuel oil, market sources told Reuters.

- Singapore is set to import multi-year high diesel volumes for February, according to data from two shiptrackers and trade sources, as sellers shipped cargoes to Asia's key oil storage hub amid tepid demand elsewhere.

WINDOW TRADES O/AS

- 180-cst HSFO: No trade

- 380-cst HSFO: No trade

- 0.5% VLSFO: Two trades

ASSESSMENTS

FUEL OIL

CASH ($/T)

ASIA CLOSE

CHANGE

PREV CLOSE

RIC

Cargo - 0.5% VLSFO

555.38

-1.08

556.46

MFO05-SIN

Diff - 0.5% VLSFO

4.50

0.55

3.95

MFO05-SIN-DIF

Cargo - 180cst

493.35

3.84

489.51

FO180-SIN

Diff - 180cst

6.00

0.30

5.70

FO180-SIN-DIF

Cargo - 380cst

489.92

4.57

485.35

FO380-SIN

Diff - 380cst

6.00

0.70

5.30

FO380-SIN-DIF

Bunker (Ex-wharf) Premium - 380cst

9.50

-0.50

10.00

Bunker (Ex-wharf) Premium - 0.5% VLSFO

7.50

0.50

7.00

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 Maju Samuel)

((jeslyn.lerh@thomsonreuters.com))

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