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Singapore ex-wharf Mar bunker fuel term premiums fall from Feb to $4-5.50/mt
Singapore 380 CST bunker fuel term contracts for March were concluded at premiums of $4-5.50/mt to Mean of Platts Singapore 380 CST high sulfur fuel oil assessments on an ex-wharf basis, market sources said Friday.
February term premiums in comparison were around $5-8/mt to MOPS 380 CST HSFO assessments.
Premiums or discounts for physical bunker fuel are the prices buyers are willing to pay over or under published benchmark values.
Offers were initially seen at as high as $7/mt reflecting bullish sentiment in the first half of February. But sentiment has weakened since then along with slow demand in the spot market in the second half of February, trade sources said.
With March also being the last month of the first quarter, buyers are also expected to lift more from their quarterly term contracts instead of buying on monthly term, said one Singapore source.
Singapore is expected to receive around 5 million mt of fuel oil in March, with around 1 million mt slated to move to China and the rest of North Asia, trade sources said.
The rest 4 million mt of fuel oil will remain in Singapore. Of this, about half is ready-grade bunker fuel, one-quarter is high density and high viscosity fuel oil and the rest is low sulfur and feedstock fuel oil grades, sources added.
April fuel oil volumes are expected to be around 5 million mt, but these are pending confirmation of fixtures, said sources.
Source: Platts
February term premiums in comparison were around $5-8/mt to MOPS 380 CST HSFO assessments.
Premiums or discounts for physical bunker fuel are the prices buyers are willing to pay over or under published benchmark values.
Offers were initially seen at as high as $7/mt reflecting bullish sentiment in the first half of February. But sentiment has weakened since then along with slow demand in the spot market in the second half of February, trade sources said.
With March also being the last month of the first quarter, buyers are also expected to lift more from their quarterly term contracts instead of buying on monthly term, said one Singapore source.
Singapore is expected to receive around 5 million mt of fuel oil in March, with around 1 million mt slated to move to China and the rest of North Asia, trade sources said.
The rest 4 million mt of fuel oil will remain in Singapore. Of this, about half is ready-grade bunker fuel, one-quarter is high density and high viscosity fuel oil and the rest is low sulfur and feedstock fuel oil grades, sources added.
April fuel oil volumes are expected to be around 5 million mt, but these are pending confirmation of fixtures, said sources.
Source: Platts
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