Cash premiums for fuel oil were little changed in Asia trade on Thursday, while onshore stocks at Singapore recently fell, the latest data showed.
The cash premium for 0.5% very low sulphur fuel oil MFO05-SIN-DIF closed at $6.50 a metric ton, while cracks LFO05SGDUBCMc1 were at a premium of $11.52 a barrel.
Meanwhile, cash premium for 380-cst high sulphur fuel oil FO380-SIN-DIF closed at $4.75 a metric ton, while cracks FO380DUBCKMc1 were at discounts of $10.17 a barrel.
Onshore fuel oil inventories edged lower at Singapore this week as exports rose, official data showed.
Most of the cargoes heading out of Singapore were bound for Hong Kong, China and Bangladesh, while Indonesia was the top origin country for imports.
Indonesia’s Pertamina had offered more supply for loading in December and January, based on shipping and tender records.
Separately, India’s MRPL offered marine fuel oil for loading in December-end, while Taiwan’s Formosa offered main column bottoms for loading in January. Both tenders close on Thursday.
INVENTORIES
Singapore fuel oil stocks STKRS-SIN were at 20.55 million barrels (3.24 million metric tons) in the week to Dec. 20, according to the latest data from Enterprise Singapore.
RED SEA UPDATES
Shipping companies remain in the dark over a new international navy coalition being assembled by the United States to combat attacks in the Red Sea, with vessels continuing to avoid the area or cancelling contracts, sources said.
Exporters are scrambling to find alternative air, land and ocean routes to get toys, apparel, tea and auto parts to retailers as disarray ripples through freight supply chains around the world during a wave of attacks in the Red Sea.
OTHER NEWS
– Oil prices steadied on Thursday as higher inventories and record output in the United States overshadowed jitters over global trade disruptions in the Red Sea.
– The U.S. Treasury imposed fresh sanctions on a ship manager owned by the Russian government and three oil traders involved in the Russian oil trade.
– A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.
– Rosneft representatives will travel to Berlin on Friday to discuss a possible sale of the Russian oil giant’s German assets, among other options, with government officials, a source familiar with the matter told Reuters.
WINDOW TRADES O/AS
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: Two trades
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shweta Agarwal)