Asia Fuel Oil: Poor Demand Pressures 380-cst Premium

Posted by Joseph Keefe
Thursday, June 05, 2014

The cash premium on the 380-cst fuel oil fell to a near one-week low as lacklustre marine fuel demand this week outweighed a supply shortfall from the West in June.


The 380-cst premium was at $1.58 a tonne to Singapore spot premiums, down 92 cents, Reuters data showed. Bunker traders expect marine fuel sales in May to ease from April, which reached the highest
level since May 2012. Official data from the Maritime Port Authority of Singapore is expected to be released next week.
 

"It has been very quiet," said a Singapore-based marine fuel seller. Another Singapore-based trader said some market players are also rich in supplies, thus  pressuring premiums. "They know that the market is full of oil," the trader said. Despite lower supplies from the West in June, inventory levels in Singapore were still relatively high at about 21.06 million barrels or 3.3 million tonnes, data from trade agency IE Singapore showed on Thursday.
 

Shipments to China hit a six-week low of 16,700 tonnes, about 10 times less than the volumes last week, IE data showed. Overall exports slid more than 20 percent from last week. In other market news, South Korea's GS Caltex Corp has unexpectedly shut down its 60,000-barrel-per-day (bpd) hydrocracker for under a week, although the exact cause of the closure was not known, traders familiar with the matter said on Thursday.


The hydrocracker, which processed vacuum gasoil and located in the southwestern city of Yeosu, is expected to halt operations for between four and five days, traders said. The impact on the market is expected to be limited due to the short period of the shutdown, they said.
   
Reporting by Jane Xie

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

New Zealand: Maritime Trade is Key

Globally, shipping is on the rise – already 80-90 percent of the world’s trade is by ship; that is more than 12 billion metric tons of goods annually, shipped by 1.

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Fuels & Lubes

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Klüber Synthetic Gear Oils Offer Max Efficiency

Klüber Lubrication, manufacturer of specialty lubricants, provides high-performance gear oils that are based on high-grade raw materials and advanced additives,

Alfa Laval Announced Plans for SMM 2016

At SMM 2016, Alfa Laval will mark the 100th anniversary of its first marine separator, and present marine customers with more new solutions.   Over the course of a century,

Marine Power

MSC Jade Sails with MAN's Biggest Engine

The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service.   Built by Doosan Engine in Korea and rated at 75,

Terntank's first 15000DWT Chemical Tanker Passes Sea Trials

The first dual-fuel two-stroke engine employing the low-pressure X-DF gas admission technology developed by Winterthur Gas & Diesel (WinGD) has passed the final

Promoting National Maritime Transport Policy in Saint Lucia

A national workshop in Saint Lucia has brought together participants from various Government bodies and other stakeholders to discuss the development of a national maritime transport policy.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0879 sec (11 req/sec)