ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,443
11424hr
Pakistan Cases
721,018
505024hr
Sindh
268,750
Punjab
248,438
Balochistan
20,241
Islamabad
65,700
KPK
98,301
Markets

India's fuel oil exports fall 20pc

SINGAPORE : India's fuel oil exports for July fell 20 percent to 400,000-450,000 tonnes from a month earlier, following
30 Jun 2011

indiaSINGAPORE: India's fuel oil exports for July fell 20 percent to 400,000-450,000 tonnes from a month earlier, following the sale of two end-July lifting parcels, traders said on Thursday.

However, inflows from India to East Asia for the same month rose by 50 percent to 300,000-350,000 tonnes, drawn by tighter supplies for the month.

"Fundamentals are tighter next month mainly due to less Iranian barrels flowing in, with most of the other factors being similar to this month," a Singapore-based Asian trader said.

"The Western volumes are similarly thin, at below 3 million tonnes, and demand is still strong from unusual buyers such as Bangladesh and Malaysia."

Reflecting the stronger July market, Indian refiners Essar Oil and Indian Oil Corp (IOC) both sold end-July parcels at steady-to-higher prices.

IOC sold up to 35,000 tonnes of 380-centistoke (cst) for July 24-26 loading from Chennai to BP at a discount of $9.00-$10.00 a tonne to Singapore spot quotes on a free-on-board (FOB) basis, steady to the previous deal for an early-June parcel.

Essar sold 60,000 tonnes of 380-centistoke (cst) for July 24-28 lifting from Vadinar to Matrix-Mabanaft at a premium of $9.00-$10.00 a tonne to Middle East spot quotes, FOB, up from $8.00-$9.00.

The BP parcel is expected to be delivered to Singapore while the Matrix one is expected to go to the Middle East.

There is another outstanding tender for 15,000 tonnes of 180-cst, offered by IOC, for July 25-27 lifting from Haldia, which closed Thursday, with a one-day validity.

BP has won all the tenders for cargoes from Haldia, for June- and July-loading, so far, at discounts of $21.00-$25.00 a tonne to Singapore spot quotes, FOB, with the latest parcel transacted at the higher end of the price range.

The July market is strong due to lower Iranian volumes, estimated at about 750,000-800,000 tonnes so far, down from a record of 1.2 million tonnes for June.

July Western arbitrage flows are expected to be at less than 3 million tonnes and steady to June's 16-month low volumes of around 2.8-2.9 million tonnes.

Still, the upside is limited by 26-month high Saudi volumes at 450,000-500,000 tonnes for July, which is getting mitigated by continued demand from unexpected buyers.

Bangladesh is seeking up to 700,000 tonnes for second-half 2011 delivery and Malaysia has bought more than 200,000 tonnes for delivery between April and August.

Copyright Reuters, 2011