Asia’s high sulphur fuel oil (HSFO) cash differentials ended the week in losses with no deals at the Singapore window for five trading sessions.
The 380-cst HSFO cash premium traded at $14.55 a metric ton on Friday. The very low sulphur fuel oil (VLSFO) cash differential fell to a discount of $1.17 a ton.
Singapore markets closed early on Friday on account of a public holiday on Monday.
China has issued export quotas for 12.8 million metric tons of gasoline, diesel and aviation fuel in its second batch of allowances this year, down by 1.2 million tons from a year earlier, trade sources and a China-based consultancy said on Friday.
China manages its fuel exports via a quota allowance system to manage exports and supply levels in its domestic market.
Meanwhile, fuel oil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to 1.088 million tons in the week to March 27, compared with 1.128 million tons in the prior week, data from Dutch consultancy Insights Global showed.
OTHER NEWS
– Oil prices retreated on Friday amid tariff-related demand concerns, but headed for a third weekly gain on a tightening global supply outlook after the U.S. placed more pressure on Venezuelan and Iranian oil trade.
– Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said.
WINDOW TRADES
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trade
Source: Reuters