A slow down in interest from buyers in the Platts window pushed cash premiums of 380-cst fuel oil lower on Monday, while the front-month visco spread rose towards its highest since December after two weeks of steady gains.
Four 20,000 tonne cargoes of 380-cst fuel oil were traded in the Platts window on Monday along with a 40,000 tonne cargo of 180-cst fuel oil.
The reported 380-cst fuel oil deals traded at a premium range of 50 cents per tonne to 80 cents per tonne to Singapore quotes. This compared to Friday’s deals which were concluded at premiums of 30 cents a tonne to $1.25 a tonne to Singapore quotes.
380-cst fuel oil cash premiums FO380-SIN-DIF were 41 cents a tonne lower than the previous session at a premium of 81 cents a tonne to Singapore quotes.
A total of 3.1 million tonnes of 380-cst fuel oil have traded in the window since the start of April.
The ICE-traded May visco spread, the differential between the price of 180-cst and 380-cst fuel oil, edged higher on Monday to about $8 a tonne as continued buying interest from an unspecified international trading house continued to bid up the contract.
Reuters data showed the May visco spread at $7.75 a tonne, its highest Since early December.
ASSESSMENTS FUEL OIL CASH ($/T) ASIA CLOSE Change % Change Prev Close RIC Cargo - 180cst 306.81 -2.39 -0.77 309.20 FO180-SIN Diff - 180cst 1.87 -0.23 -10.95 2.10 FO180-SIN-DIF Cargo - 380cst 297.55 -2.64 -0.88 300.19 FO380-SIN Diff - 380cst 0.81 -0.41 -33.61 1.22 FO380-SIN-DIF Bunker (Ex-wharf)- 380cst 299.50 -3.00 -0.99 302.50 BK380-B-SIN Bunker (Ex-wharf) Premium 1.95 -0.36 -15.58 2.31
Source: ReutersPrevious Next
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