Asia’s fuel oil cash premiums were little changed on Friday amid thin trading momentum, while onshore inventories rose across key trading hubs this week.
Singapore’s spot 0.5% VLSFO cash premium was stable at $9.75 a tonne, while the market’s front-month refining crack dipped from the previous session to $8.78 a barrel at Friday’s Asia close (0830 GMT).
Fuel oil inventories edged higher at the key oil trading hubs of Singapore, Fujairah and Rotterdam as markets remained adequately supplied.
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Meanwhile, Thailand’s PTT closed a tender on Friday, offering a cargo of either 35,000 tonnes or 50,000 tonnes for loading between April 8-10 or April 16-18.
Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose 4% to 1.24 million tonnes in the week ended March 23, latest data from Dutch consultancy Insights Global showed.
– Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years.
– State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.
– Maersk and Shanghai International Port Group have signed a memorandum of understanding for a green methanol marine fuel project in the Shanghai port, the shipping group said on Friday.
– A long-awaited loan agreement between Pakistan and the International Monetary Fund (IMF) will be signed once a few remaining points, including a proposed fuel pricing scheme, are settled, an IMF official said on Friday.
– 180-cst HSFO: No trade
– 380-cst HSFO: No trade
– 0.5% VLSFO: No trade