SINGAPORE: Asia's cash premiums for 380-centistoke (cst) high-sulphur fuel oil rose on Monday, buoyed by expectations for tighter supply and rising seasonal demand in the Middle East.
Cash differentials for 380-cst HSFO were at a premium of $1.80 a tonne to Singapore quotes, compared with $1.77 on Friday.
The more actively traded 380-cst barge crack to Brent crude for May dipped to minus $6.60 a barrel during Asian trading hours, against minus $6.51 on Friday, Refinitiv Eikon data showed.
Crude Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week's heavy losses as deepening US trade wars fanned fears of a global economic slowdown.
SINGAPORE WINDOW TRADES
Two fuel oil trades.
Shell sold 20,000 tonnes of 180-cst HSFO to Singapore trader Hin Leong for June 23-27 loading at $380 a tonne, trade sources said.
Vitol bought 20,000 tonnes of 380-cst HSFO from Mercuria for June 18-22 loading at parity to Singapore quotes.
OTHER NEWS
Abu Dhabi National Oil Company (ADNOC) on Sunday said it had set the May retroactive selling price for its benchmark Murban crude at $72.35 a barrel, down from $73.05 the previous month.
Saudi Aramco has raised the July price for its Arab Light grade for Asian customers by $0.60 a barrel from the June price, to a premium of $2.70 a barrel to the Oman/Dubai average, the state oil company said on Sunday.
Russian oil output fell to 11.11 million barrels per day (bpd) in May its lowest level since June 2018, - from 11.23 million bpd in April, Energy Ministry data showed on Sunday.
US military vessels in the Gulf are within range of Iranian missiles, a top military aide to Iran's Supreme Leader Ayatollah Ali Khamenei said on Sunday, warning that any clash between the two countries would push oil prices above $100 a barrel.
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