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Asia Fuel Oil-380-cst flat price recovers to two-week high
The outright price of the Asian benchmark 380-cst fuel oil grade rebounded to a two-week high on Monday, buoyed by strengthening crude prices as escalating tension between Russia and Ukraine spurred concerns over possible disruption in energy supplies.
The 380-cst fuel oil stood at $592.41 a tonne, up $3.61 a tonne from Friday, Reuters data showed.
Despite the rise in flat prices, Asia's fuel oil remained in the doldrums with demand failing to pick up, particularly from the bunker segment, traders said.
Marine fuel oil premiums fell for the third straight session to $1.09 a tonne above 380-cst cargo prices, down from $1.20 a tonne on Friday.
Some marine fuel oil was heard sold at less than $1 a tonne above cargo prices.
"It's possible, since the market is going downwards," said a Singapore-based trader.
Singapore-based oil trader Hin Leong dominated the cash trading session, as the only seller of all four 380-cst cargoes on Monday.
Traders noted that Hin Leong had earlier purchased 380-cst cargoes with similar loading dates over late April to early May from Vitol and Glencore at $581-583 a tonne.
In other market news, Japan's 10 regional utilities' consumption of fuel oil to generate electricity rose 14 percent in March to 1.35 million kiloliters, data from the Federation of Electric Power Companies of Japan showed on Monday.
In the Middle East, Kuwait will issue the three main construction tenders for its new 615,000-barrels-per-day (bpd) oil refinery next month and expects to sign contracts by early next year at the latest, a state oil company official said on Sunday.
The refinery, which will become the biggest in the Middle East, will begin operations by late 2018 or early 2019, producing at least 225,000 bpd of fuel oil that will be used in local power stations.
*CASH DEALS: Four 380-cst trades
PetroChina bought from Hin Leong two 20,000-tonne cargoes from Hin Leong at $592 a tonne. One of the clips is for loading over May 4-8 and the other April 29-May 3.
Unipec bought from Hin Leong 20,000 tonnes for April 29-May 3 at $592 a tonne.
Shell bought from Hin Leong 20,000 tonnes for May 9-13 at $593 a tonne.
Source: Reuters (Reporting by Jane Xie; Editing by Dale Hudson)
The 380-cst fuel oil stood at $592.41 a tonne, up $3.61 a tonne from Friday, Reuters data showed.
Despite the rise in flat prices, Asia's fuel oil remained in the doldrums with demand failing to pick up, particularly from the bunker segment, traders said.
Marine fuel oil premiums fell for the third straight session to $1.09 a tonne above 380-cst cargo prices, down from $1.20 a tonne on Friday.
Some marine fuel oil was heard sold at less than $1 a tonne above cargo prices.
"It's possible, since the market is going downwards," said a Singapore-based trader.
Singapore-based oil trader Hin Leong dominated the cash trading session, as the only seller of all four 380-cst cargoes on Monday.
Traders noted that Hin Leong had earlier purchased 380-cst cargoes with similar loading dates over late April to early May from Vitol and Glencore at $581-583 a tonne.
In other market news, Japan's 10 regional utilities' consumption of fuel oil to generate electricity rose 14 percent in March to 1.35 million kiloliters, data from the Federation of Electric Power Companies of Japan showed on Monday.
In the Middle East, Kuwait will issue the three main construction tenders for its new 615,000-barrels-per-day (bpd) oil refinery next month and expects to sign contracts by early next year at the latest, a state oil company official said on Sunday.
The refinery, which will become the biggest in the Middle East, will begin operations by late 2018 or early 2019, producing at least 225,000 bpd of fuel oil that will be used in local power stations.
*CASH DEALS: Four 380-cst trades
PetroChina bought from Hin Leong two 20,000-tonne cargoes from Hin Leong at $592 a tonne. One of the clips is for loading over May 4-8 and the other April 29-May 3.
Unipec bought from Hin Leong 20,000 tonnes for April 29-May 3 at $592 a tonne.
Shell bought from Hin Leong 20,000 tonnes for May 9-13 at $593 a tonne.
Source: Reuters (Reporting by Jane Xie; Editing by Dale Hudson)
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