The spot cash premium for 180-cst high sulphur fuel oil (HSFO) remained under pressure on Wednesday, while outcomes for recent sales tenders from Indian refiners emerged.
HPCL’s 180-cst HSFO sales tender for late June was awarded to E3 Energy, while BPCL’s tender for early July was awarded to Vitol, based on market sources.
Singapore’s spot premium for 180-cst HSFO softened to a six-week low, pegged at $5.95 a metric ton to Singapore quotes on Wednesday.
The weaker 180-cst market has crunched the HSFO viscosity spread to near parity, as the 380-cst market retained support.
The spread, which reflects the price difference between 180-cst HSFO and 380-cst HSFO, narrowed to less than 10 cents a ton on Wednesday.
Refining margins for 380-cst HSFO trended higher, with August cracks firming to discounts of about $5 a barrel, based on LSEG data.
Meanwhile, cracks for the low-sulphur (VLSFO) market closed lower at about $9.45 a barrel.
INVENTORY DATA
– Fujairah heavy fuel inventories dropped 12.8% to 8.78 million barrels (1.38 million tons) in the week to June 17, hitting 10-week lows, according to FOIZ data published by S&P Global Commodity Insights.
OTHER NEWS
– Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories.
– Iranian oil exports will continue regardless of who is elected as the next U.S. president, Iranian Oil Minister Javad Owji said, amid concerns that a Donald Trump presidency could curb Iranian crude sales.
– A blaze at an oil depot in the town of Azov in Russia’s southern region of Rostov has been raging for more than 24 hours, local emergency services said.
– Vietnam’s government said that it is seeking investments from Russian state oil firm Zarubezhneft in the Southeast Asian country’s green energy sector.
Source: Reuters reported by Jeslyn Lerh and edited by Savio D’Souza
Source link : https://cyprusshippingnews.com/2024/06/25/asia-fuel-oil-spot-180-cst-premium-weakens-india-sales-tenders-awarded/
Author :
Publish date : 2024-06-25 02:27:50
Copyright for syndicated content belongs to the linked Source.