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SINGAPORE: Firm buying interest and few supplier offers in the Platts window on Friday helped boost cash premiums of Asia's 380-cst fuel oil to their highest since June 29.

In the paper markets, the front-month fuel oil crack slipped to a near two-month low on rising crude oil prices but bullish sentiment continued to lift 380-cst front-month time spread higher, industry sources said.

WINDOW TRADES

- Three cargo trades were reported in the Platts window totalling 60,000 tonnes of 380-cst fuel oil.

- Hin Leong bought 40,000 tonnes of 380-cst fuel oil from Vitol in two cargoes and Total sold it the third 20,000-tonne cargo.

- Friday's cargo trades were executed at a premium range between $2.25 to $2.35 a tonne to Singapore quotes, sources said. By comparison, on Monday two 380-cst cargoes were traded at a $1 a tonne and $1.50 a tonne premium to Singapore quotes.

- There were just two standing supplier offers for 380-cst cargoes by the close of the trading window versus nine bids. By comparison, there were seven standing offers against six bids for 380-cst cargoes on Monday.

- A total of 2.042 million tonnes of fuel oil have traded in the window since the start of the month, against 1.402 million tonnes in August.

- Please click on for more details.

TENDERS

- Kuwait's KPC is offering another unexpected fuel oil cargo totalling 80,000 tonnes for Oct. 1-2 loading in a tender closed on Thursday and valid until today.

- An industry source who has seen the specification sheet of the cargo said it was described as 380-cst heavy fuel oil but had the characteristics of straight-run fuel oil (SRFO).

- The source said the cargo will be supplied from different tanks but the majority of the cargo was comprised of SRFO that was blended with a small proportion of cracked 380-cst fuel oil.

- At the start of the month, KPC unexpectedly offered a similar cargo with a similarly prompt delivery notice.

- KPC's scheduled decommissioning of the Shuaibah refinery on April 1 reduced Kuwaiti fuel oil supplies by about 250,000 tonnes per month, resulting in almost no fuel oil exports.

- Prior to decommissioning KPC's Shuaibah refinery on April 1, KPC typically exported 380-cst HSFO, but rarely SRFO cargoes, sources said.

- India's HPCL is offering 30,000 tonnes of 380-cst high-sulphur fuel oil (HSFO) with a maximum 4.5 percent sulphur content for delivery on Oct. 10-13 from Mumbai. The offer closes today.

SOUTH KOREAN EXPORTS

- Two South Korean refiners are exporting excess cargoes of residual fuel oil to nearby China, displacing some Singaporean sales of the commodity which can be used in ships and power stations, three trade sources said.

- Sources estimate GS Caltex has exported between 100,000-200,000 tonnes of fuel oil, mostly to China, as a result of a fire at its Yeosu refinery in August.

- S-Oil is estimated to have exported 120,000 tonnes of 380-cst fuel oil into China in September for use as a marine fuel.

 

Copyright Reuters, 2017
 

 

 

 

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