Benchmarks steady, high stockpiles at key hubs cap recovery
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Fuel oil benchmarks in Asia ended the week on a steady note as high onshore stockpiles across key trading hubs capped recovery. Inventories for fuel oil extended gains across all key hubs including Singapore, Fujairah, and Rotterdam. Demand for bunker fuel has been lukewarm at top bunker hub Singapore in March. Singapore's cash differentials for very low sulfur fuel oil closed Friday at premiums between $1 to $2 a metric ton, while refining cracks were at premiums between $12 to $13 a barrel. Spot 380-cst high sulfur fuel oil differentials held steadily in discounts to Singapore quotes, while cracks were at discounts of about $10 to $11 a barrel. Thailand's PTT offered VLSFO for loading from Map Ta Phut port in April. ARA inventories gained 0.4% week-on-week to 1.51 million tons in the week to March 21. Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire. Russia said that the United States was unlikely to agree to a Ukrainian proposal to lower the price cap on Russian oil to $30 a barrel. Crude oil physical markets in Europe and Africa have weakened in response to peak refinery maintenance and extra supply from the United States and Saudi Arabia. Somali pirates' return are adding to the crisis for global shipping companies, as more than 20 attempted hijackings since November have driven up prices for armed security guards and insurance coverage while raising the spectre of possible ransom payments. No trades were reported for 180-cst HSFO, 380-cst HSFO, and 0.5% VLSFO. The article is from TradingView News and was published on March 22, 2024.



https://www.tradingview.com/news/reuters.com,2024:newsml_L3N3G00PT:0-benchmarks-steady-high-stockpiles-at-key-hubs-cap-recovery/