S Korean S-Oil settles Apr 380 CST bunker fuel premium at $18/mt, down $3/mt from Mar

South Korean refiner S-Oil has settled April 380 CST bunker fuel contracts with traders at a premium of $18/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil cargo assessments, down $3/mt compared with March-delivery cargoes, traders said Wednesday.

The premium declined for the third straight month, with sources attributing this to increasing supplies.

S-Oil is expecting even higher supply of bunker fuel oil in April due to a turnaround at its desulfurization unit, sources said.

The refiner plans to shut the 52,000 b/d No. 1 residue hydro desulfurizing unit at its 669,000 b/d refinery at Onsan over April 1-25 for planned maintenance, Platts reported previously.

The company typically sells around 160,000-200,000 mt/month, market sources have said. In total, suppliers in South Korea sell about 700,000 mt/month of bunker fuel.
Source: Platts