Asia Fuel Oil-0.5% VLSFO rally cools on flurry of offers
SINGAPORE, Feb 3 (Reuters) -Asia's spot premium for 0.5% very low sulphur fuel oil (VLSFO) eased on Friday amid a flurry of spot offers, snapping a rally that struck six-month highs.
The spot premium MFO05-SIN-DIF slid to $25.14 a tonne to Singapore quotes on Friday, while the February refining crack LFO05SGDUBCMc1 was at a premium of $12.04 a barrel to Dubai at the Asia close (0830 GMT), logging weekly declines of more than 15%.
As of Friday, more than 2.5 million tonnes of Western arbitrage supplies are slated to arrive in Asia for February, ship-tracking data from Refinitiv showed.
This was relatively steady compared with January volumes as Russian supplies continued to flow eastward amid Western sanctions.
ARA INVENTORIES STK-FO-ARA
Fuel oil inventories in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dipped 1% to 1.11 million tonnes in the week ended Feb. 2, latest data from Dutch consultancy Insights Global showed.
- Oil prices were little changed on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies.
- China's independent refineries are ramping up imports of discounted fuel oil blended from Russian barrels to use as low-cost feedstock amid a shortage of government crude oil import quotas for some of them, according to trade sources and data.
- Japanese trading houses Marubeni Corp, Itochu Corp and Mitsui & Co on Friday raised their dividend forecasts for the year to March 31 thanks to record profits and announced share buybacks to reward investors.
- Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns.
WINDOW TRADES O/AS
- 180-cst HSFO: No trade
- 380-cst HSFO: Three trades
- 0.5% VLSFO: One trade
Cargo - 0.5% VLSFO
Diff - 0.5% VLSFO
Cargo - 180cst
Diff - 180cst
Cargo - 380cst
Diff - 380cst
Bunker (Ex-wharf) Premium - 380cst
Bunker (Ex-wharf) Premium - 0.5% VLSFO
For a list of derivatives prices, including margins, please double click the RICs below.
Cracks 180-Dubai M1
Cracks 180-Dubai M2
Crack Barges-Brent M1
Crack Barges-Brent M2
Reporting by Jeslyn Lerh; Editing by Rashmi Aich
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