DUBAI: Cash premiums for 380-cst fuel oil edged lower on Monday despite bullish traders' appetite for physical cargoes, with prices for Monday's nine deals easing slightly from Friday's levels.
By contrast, momentum in the ICE-traded 380-cst time spreads was reversed during Asia trading hours on Monday as most traders stood on the sidelines after the past week's gains.
WINDOW TRADES
- Nine 380-cst fuel oil cargoes traded in the Platts window, totalling 180,000 tonnes.
- A total of 1.44 million tonnes of 380-cst fuel oil have traded in the window since the start of April.
- Weighed down by lower offers and deal values in the middle of the trading window relative to the front and back of the window, cash premiums for 380-cst fuel were 5 cents a tonne down from the previous session at $1.50 a tonne above Singapore quotes.
- In the spot ex-wharf market at least one break-bulk load of 380-cst fuel oil was said to have traded at $318 a tonne on Monday.
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TIME SPREADS
- The 380-cst fuel oil market structure on the Intercontinental Exchange (ICE) snapped at least five consecutive sessions of gains after limited trade volumes saw its backwardated structure narrow over the near term.
- The ICE-traded 380-cst balance-of-April/May time spread slipped by 20 cents a tonne from the previous session to 80 cents a tonne.
- The 380-cst May/June time spread was trading 15 cents a tonne lower at a premium of 10 cents a tonne.
- Both time spread contracts had traded no more 20,000 tonnes in contracts by 1700 Singapore time, compared to an average daily volume above 300,000 tonnes in the previous week.
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