1. Home
  2. News

Asia Fuel Oil-Premiums fall further as offers weigh on market

Fuel oil cash premiums dropped further in Asia on Wednesday as more competitive offers emerged for October-loading product.

Premium for 0.5% very low sulphur fuel oil MFO05-SIN-DIF slipped to $1.68 a metric ton amid multiple selling interest in the window, while expectations of higher incoming supplies also weighed on the market.

Meanwhile, the October crack for 0.5% VLSFO LFO05SGDUBCMc1 was steady at a premium of $8.26 a barrel at 0830 GMT, based on LSEG Oil Research data.

High sulphur fuel oil continued to soften as seasonal demand from the Middle East is expected to retreat after summer.

The 380-cst HSFO premium FO380-SIN-DIF fell to $9.99 a metric ton, while October crack FO380DUBCKMc1 eased to a discount of $9.82 a barrel.

However, the slide in HSFO cracks is likely to be tempered by Saudi Arabia’s announcement of extended voluntary crude production into the fourth quarter, said consultancy FGE.

FUJAIRAH INVENTORIES

Fuel oil inventories at Fujairah rose 6% to 9.09 million barrels (1.43 million tons) in the week to Sept. 11, showed Fujairah Oil Industry Zone data published by S&P Global Commodity Insights.

OTHER NEWS

– Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds.

– OPEC stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.

– Oman’s new Duqm oil refinery shipped out its first diesel cargo on Tuesday amid trial runs at the complex, the latest facility in the Middle East to commence operations, according to several trade sources and shiptracking data.

– Four major oil ports in Libya have reopened after shutting down on Saturday because of the powerful storm that swept the country, killing thousands of people, port agent Al Omran International Maritime Agencies said on Wednesday.

WINDOW TRADES O/AS

– 180-cst HSFO: No trade
– 380-cst HSFO: One trade
– 0.5% VLSFO: Two trades
Source: Reuters (Reporting by Jeslyn Lerh)

Search

Category

Top News

SIMMILAR

ALL ABOUT SHIPOFFER UPDATES

LA Refinery Closure Adds Long-Haul Demand for Product Tankers in Pacific

Phillips 66 has announced plans to close its refinery in Los Angeles, a sprawling 100-year-old facility adjacent to the San Pedro port complex. The decision takes about 140,000 barrels per day of refining capacity off the California market, and it will prompt shifts in tanker routes to replace the lost volume.

Houthis Continue Targeting Tankers Damaging One and Claiming Second Attack

In the latest phase of the attacks on merchant ships, the Houthi militants continue to target tankers as well as vessels that they say are maintaining operations with Israel. They are claiming two new attacks, although only one has been reported to the UK Maritime Trade Operations.

Future of Maritime Ports: Digital Twins Leading the Way

The maritime industry is on the brink of a significant transformation, driven by the adoption of digital twins. As the volume of global trade continues to increase, maritime ports must manage operations more efficiently, safely, and sustainably. Companies like Bentley Systems are at the forefront of this technological revolution, offering solutions that leverage digital twins to redefine port operations for the future.

ILA Declares “Ports Are Ours” as Leaders Threaten Strike “Will Cripple You"

The leadership and rank-and-file membership of the International Longshoremen’s Association were fired up in the first hours of their first coastwide strike in nearly 50 years. An estimated 25,000 or more members hit the picket lines from Maine to Texas as carriers and shippers scrambled with their contingency plans and President Joe Biden put out a statement in support of the union calling for a quick resolution.

China and U.S. Allies Hold Competing Naval Drills in South China Sea

Two competing naval drills got under way in the contested waters of the South China Sea, with Chinese forces and five U.S.-allied navies operating in different locations off the coast of Luzon.

Wallenius Wilhelmsen Upsizes Car Carriers to Be World’s Largest

Reflecting strong demand across the sector along with the need to improve operating and environmental performance, the car carrier sector is moving to a new generation of larger and more efficient vessels. The major carriers have been “leapfrogging” their competition and today Wallenius Wilhelmsen which takes credit for developing the sector reports it will build the world’s largest capacity pure car and truck carriers.

The Pager Attack: Will There Be an Impact on Trade in the Mideast?

There is no forensic proof that ties Israel definitively to the attack on Hezbollah members (and the Iranian ambassador) in Lebanon on September 17. But from a risk analysis perspective, it should be a working assumption that Israel was responsible.

Newsletter for receiving

our latest company updates

+84902935017