ANL 12.55 Decreased By ▼ -0.59 (-4.49%)
ASC 12.21 Decreased By ▼ -0.09 (-0.73%)
ASL 13.28 Decreased By ▼ -0.16 (-1.19%)
BOP 8.55 Increased By ▲ 0.14 (1.66%)
BYCO 5.90 Decreased By ▼ -0.10 (-1.67%)
FCCL 17.52 Decreased By ▼ -0.33 (-1.85%)
FFBL 23.80 Decreased By ▼ -0.31 (-1.29%)
FFL 10.01 Decreased By ▼ -0.14 (-1.38%)
FNEL 9.23 Decreased By ▼ -0.29 (-3.05%)
GGGL 14.74 Increased By ▲ 0.64 (4.54%)
GGL 26.36 Increased By ▲ 0.20 (0.76%)
HUMNL 5.85 Increased By ▲ 0.11 (1.92%)
JSCL 15.00 No Change ▼ 0.00 (0%)
KAPCO 31.40 Increased By ▲ 0.15 (0.48%)
KEL 3.32 Decreased By ▼ -0.05 (-1.48%)
MDTL 2.08 Decreased By ▼ -0.02 (-0.95%)
MLCF 32.44 Decreased By ▼ -1.16 (-3.45%)
NETSOL 94.68 Increased By ▲ 3.73 (4.1%)
PACE 4.05 Decreased By ▼ -0.10 (-2.41%)
PAEL 21.00 Increased By ▲ 0.30 (1.45%)
PIBTL 7.35 Decreased By ▼ -0.05 (-0.68%)
POWER 6.25 Decreased By ▼ -0.19 (-2.95%)
PRL 12.29 Increased By ▲ 0.13 (1.07%)
PTC 8.62 Decreased By ▼ -0.06 (-0.69%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 37.84 Increased By ▲ 0.04 (0.11%)
TELE 15.55 Increased By ▲ 1.20 (8.36%)
TRG 93.71 Increased By ▲ 6.53 (7.49%)
UNITY 22.98 Increased By ▲ 1.02 (4.64%)
WTL 2.07 Increased By ▲ 0.04 (1.97%)
BR100 4,487 Increased By ▲ 14.3 (0.32%)
BR30 17,781 Increased By ▲ 186.4 (1.06%)
KSE100 43,847 Decreased By ▼ -6.6 (-0.02%)
KSE30 17,049 Increased By ▲ 43.7 (0.26%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

SINGAPORE: Asia’s 0.5% very low-sulphur fuel oil (VLSFO) crack and time-spread jumped to near two-year highs on Wednesday amid few signs of easing supply constraints over the near term.

VLSFO markets have gained steadily in recent weeks amid limited refinery output, short arbitrage or blendstock supplies as well as firm demand. The front-month VLSFO time spread spiked to $16 a tonne on Wednesday, up from $11.25 in the previous session. The front-month crack rose to $14.99 a barrel above Dubai crude from Tuesday’s $13.63 a barrel, Refinitiv data in Eikon showed.

Both time spread and crack values are currently at their highest since early 2020. In the physical cargo market, VLSFO cash premiums jumped by $2.47 to $12.39 a tonne above Singapore quotes, despite an absence of trades, its highest since early February 2020.

This came as fuel oil inventories in the Fujairah bunkering and storage hub dropped 16% to a three-week low in the week ended Nov. 22, data released on Wednesday showed.

The lower inventories came amid limited imports from regional and west-of-Suez suppliers, elevated exports as well as firm utility demand and steady bunker consumption at the Fujairah hub, trade sources said.

Fujairah Oil Industry Zone inventories for heavy distillates and residues fell by 1.72 million barrels, or about 270,000 tonnes, to 9.17 million barrels, or 1.44 million tonnes, data via S&P Global Platts showed.

Despite the weekly drop, Fujairah’s inventories have recovered from their recent slump which saw weekly fuel oil stocks average about 7.56 million barrels, or 1.19 million tonnes, throughout September and October.

Compared to the same period last year, Fujairah’s fuel oil inventories were 26% higher.

According to assessments by Refinitiv Oil Research, exports from the UAE climbed to 423,000 tonnes in the week ended Nov. 21, up from 253,000 tonnes in the previous week.

“Early November supply challenges have abated, with Fujairah refineries operating normally and blendstock shortages filled,” according to Refinitiv Oil Research.

No VLSFO or high-sulphur fuel oil (HSFO) cargo trades were reported in the Singapore trading window for a third straight session.

The administration of US President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

India’s crude oil imports in October climbed from last year as consumption in the world’s third-largest oil consumer and importer continued its rebound toward pre-pandemic levels, government data showed on Tuesday.

The Baltic Exchange’s dry bulk sea freight index rose for a fourth straight session on Tuesday, gaining 70 points, or 2.7%, to 2,715 points; its highest level in a week as rates rose across its vessel segments.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.