SINGAPORE: Fuel oil markets in Singapore remained relatively quiet as 180-cst fuel oil prices edged up while the more actively traded 380-cst fuel oil saw slightly stronger gains.
Differentials similarly crept higher for 180-cst fuel oil while 380-cst fuel oil showed a notable rise.
"The market is slow," said one Singapore-based trader. "Most market players don't believe crude has bottomed out yet."
In fundamentals, crude oil edged up slightly amid bearish markets weighed down by persisting global oversupply.
Despite an expected fall in US production next year, BMI Research said on Thursday that global output was forecast to rise by 500,000 barrels per day in 2016.
Internationally traded Brent futures were at $40.17 per barrel, up 6 cents. US crude futures were at $37.04 per barrel at 1136 GMT, down 12 cents from their last settlement, but still not far off this week's seven-year lows below $37 per barrel. Prices are down over 11 percent since the beginning of December.
SINGAPORE CASH DEALS:
Four trades reported
Glencore sold two cargoes of 40,000 tonnes each of 380-cst fuel oil for Jan. 4-8 loading to Shell at a discount of 50 cents per tonne to the average balance of December Singapore quotes.
Glencore sold 20,000 tonnes of 380-cst fuel oil for Dec. 25-29 loading to Gunvor at a discount of $2 a tonne to Singapore quotes.
Mercuria sold 20,000 tonnes of 380-cst fuel oil for Dec. 25-29 loading to Gunvor at a discount of $1.50 a tonne to Singapore quotes.
Comments
Comments are closed for this article.