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Asia Fuel Oil-180-cts stable; demand may pick up
The discount on 180-centistoke fuel oil was steady at $3.00 a tonne on Friday, according to
Reuters' data, with traders expecting supplies to be lower as demand picks up in the approach to summer in North Asia.
Heavy distillates are used as feedstock to generate electricity and are also used in gasoline-making units to produce motor fuel.
"The fuel market seems to be bottoming out. Looks like no-one wants to sell at cheap prices in the Singapore cash market," said a Singapore-based trader.
No cash deals took place in the Singapore market, even though there were six bids, but only one offer on 380-cst grade.
On Wednesday, official data showed a 10 percent jump in Singapore fuel oil stocks, which hit a near 7-1/2 month high of 22.381 million barrels in the week to April 30.
Weekly fuel oil stocks independently held at Europe's Amsterdam-Rotterdam-Antwerp (ARA) hub were up 13.5 percent to 716,000 tonnes in the week to May 1.
FUEL OIL TENDERS: India's MRPL has sold 80,000 tonnes of fuel oil for June 7-9 loading from New Mangalore. Details could not be immediatedly confirmed.
Pakistan has a tender outstanding to buy a total 890,000 tonnes of high and low sulphur fuel oil for June to August through a tender which will close on May 30.
Source: Reuters (Reporting by Seng Li Peng; editing by Keiron Henderson)
Reuters' data, with traders expecting supplies to be lower as demand picks up in the approach to summer in North Asia.
Heavy distillates are used as feedstock to generate electricity and are also used in gasoline-making units to produce motor fuel.
"The fuel market seems to be bottoming out. Looks like no-one wants to sell at cheap prices in the Singapore cash market," said a Singapore-based trader.
No cash deals took place in the Singapore market, even though there were six bids, but only one offer on 380-cst grade.
On Wednesday, official data showed a 10 percent jump in Singapore fuel oil stocks, which hit a near 7-1/2 month high of 22.381 million barrels in the week to April 30.
Weekly fuel oil stocks independently held at Europe's Amsterdam-Rotterdam-Antwerp (ARA) hub were up 13.5 percent to 716,000 tonnes in the week to May 1.
FUEL OIL TENDERS: India's MRPL has sold 80,000 tonnes of fuel oil for June 7-9 loading from New Mangalore. Details could not be immediatedly confirmed.
Pakistan has a tender outstanding to buy a total 890,000 tonnes of high and low sulphur fuel oil for June to August through a tender which will close on May 30.
Source: Reuters (Reporting by Seng Li Peng; editing by Keiron Henderson)
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