SINGAPORE: Asia's high-sulphur fuel oil (HSFO) extended gains on Thursday with firm buying interest lifting 380-cst HSFO cash premiums and times spread higher.
The premiums on 380-cst jumped to a near two-week high of $22.34 a tonne to Singapore quotes, up from $19.81 a tonne in the previous session.
Similarly, the Aug/Sept 380-cst time-spread climbed to $39 a tonne, up from $38.25 a tonne on Wednesday, Refinitiv Eikon data showed.
This came as Singapore fuel oil inventories snapped six straight weeks of declines in the week to July 31, hitting a three-week high despite thin net imports of the fuel, official data released on Thursday showed.
INVENTORIES
- Onshore fuel oil stocks rose by 2.166 million barrels, or 323,000 tonnes, from the previous week to 19.082 million barrels, or 2.848 million tonnes, data from Enterprise Singapore showed.
- Singapore stocks of fuel oil were at a more than eight-month low of 16.916 million barrels, or 2.525 million tonnes, in the week ended July 24.
- Net fuel oil imports in the week ended July 31, were down 23% from the previous week to a three-week low of 466,000 tonnes and were below the 2019 weekly average of 683,000 tonnes. Such weekly figures, however, are volatile.
- Compared with year-ago levels this week's onshore fuel oil inventories were 29% higher.
- Singapore's net exports of fuel oil to Indonesia topped the week ended July 31 at 66,000 tonnes, followed by Hong Kong at 65,000 tonnes, New Caledonia at 53,000 tonnes and Bangladesh at 42,000 tonnes.
- The largest net imports into Singapore originated from the Malaysia at 272,000 tonnes, followed by the United States at 173,000 tonnes, Brazil at 132,000 tonnes and the United Arab Emirates at 70,000 tonnes.
- Singapore fuel oil imports from Brazil were at their highest in more than 1-1/2 years.
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