Asia Fuel Oil Higher cash premiums on continuous cargo demand

Asia Fuel Oil Higher cash premiums on continuous cargo demand ...

SINGAPORE, Dec. 22 - Asia's cash premiums for carbon-based fuel oil (VLSFO) rose on Wednesday, buoyed by the demand constant and tighter supplies.

In addition to the estimates from the capital of Asia's five % VLSFO, the price rose to $19.10 a tonne to Singapore, up from $16.15 per tonne on Tuesday.

The revised VLSFO crack fell in the early hours as the Asian trading period started.

As a result, the 380-cst barge crack for January traded at an overnight discount of $11,97 per barrel to Brent on Wednesday, but not $10.97 per barrel on Tuesday.

The premium for gasoline for 380ct high sulphur fuel oil fell to $1.29 cents per tonne due to Singapore quotes, the down from $1.35 a tonne in the previous session.


- Fujairah Oil Industry Zone (FOIZ) inventories for heavy distillates and residues rose 1,2% or 106,000 barrels (about 15,800 tonnes), from the previous week to 8,9 million barrels (1,3 million tonnes), the company analyzed via S&P Global Platts.

Compared to year-ago levels, the fuel oil inventories at FOIZ had a slight reduction in about twenty percent.

- Fuel oil stocks at FOIZ averaged 10,3 million barrels this year, compared with 12,9 million barrels per week in 2020, according to Reuters calculations.


- One 380 sq. ft. trade, no VLSFO trades.

A few other things to do besides this.

- Indonesian energy company PT Pertamina has issued a bid seeking up to 1.2 million barrels of high speed diesel (HSD) for delivery on January. The company said that the government's workstation has a central role as its central priority, and the labor union will hold a national strike from Dec. 29 to Jan. 7 and fail to manage this business.

- South Korean refiner SK Energy plans to shut its 60,000 cubic feet high crude unit in Uleansan between March and April for a month of routine maintenance, an official told Reuters on Tuesday.


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