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Asia Fuel Oil-Cash premiums steady; activity slow
July 25, 2012 / 11:59 AM / 5 years ago

Asia Fuel Oil-Cash premiums steady; activity slow

 SINGAPORE, July 25 (Reuters) - Asian fuel oil cash premiums were steady on Wednesday, as
activity in the physical trading window remained quiet.
 The premium for 180-centistoke (cst) inched up a slight five cents to $3.20 a tonne above
Singapore spot quotes, while the 380-cst premium eased 10 cents to $3.30 a tonne above Singapore
spot quotes.
 Activity in the swaps market was brisk, with at least 125,000 tonnes of fixed-price swaps
contracts done during the trading window. 
 Intermonth swaps contracts also saw substantial interests, with at least 180,000 tonnes of
the prompt August/September contract transacted. A large volume of at least 395,000 tonnes of
the second-month September/October contract was also traded. 
 Saudi's ExxonMobil sold 80,000 tonnes of 650-cst for August 11-13 lifting from Yanbu at a
wider discount than what it fetched from a previous cargo, reflecting the current weaker market
sentiment.
 ExxonMobil was heard to have sold the cargo to Vitol at a discount of around $25.00 a tonne
to Singapore spot quotes. It previously fetched a discount of $20.00-$21.00 to Singapore spot
quotes from a July-loading cargo sold to Bakri. 
 Demand from Japan also remained weak. Data from the Petroleum Association of Japan (PAJ)
showed that Japanese fuel oil imports for the week ended July 21 plunged more than 80 percent
from the previous week to around 62,000 kilolitres.  
 Low sulphur and high sulphur fuel oil inventories, however, dipped around one percent to
2.63 million kilolitres for the week ended July 21, the data showed.               
 
 **Tenders: Saudi Aramco sold 80,000 tonnes of 650-cst, for August 3-5 lifting from Yanbu, to
BP at a discount of $20.00-$23.00 a tonne to Singapore spot quotes.
  Saudi's ExxonMobil sold 80,000 tonnes of 650-cst, for August 11-13 lifting from Yanbu, to
Vitol at a discount of around $25.00 a tonne to Singapore spot quotes.  
 
 **Cash deals: No trades.
 
 CASH ($/T)              ASIA CLOSE    Change   % Change   Prev       RIC
                                                        Close      
 Cargo - 180cst                626.00    -0.15      -0.02     626.15  FO180-SIN
 Diff - 180cst                   3.20     0.05       1.59       3.15  FO180-SIN-DIF
 Cargo - 380cst                614.85    -0.65      -0.11     615.50  FO380-SIN
 Diff - 380cst                   3.30    -0.10      -2.94       3.40  FO380-SIN-DIF
 Bunker (Ex-wharf)-            620.00    -1.00      -0.16     621.00  BK380-B-SIN
 380cst                                                               
 Bunker (Ex-wharf)               5.15    -0.35      -6.36       5.50                 
 Premium                                                              
                                                                                  
 SWAPS  ($/T)            ASIA CLOSE    Change   % Change   Prev       RIC
                      (0830 GMT)                        Close      
 Brent M1                      103.51    -0.29      -0.28     103.80              
 180cst M1                     622.88    -0.12      -0.02     623.00                
 180cst M1/M2                    2.88     0.25       9.51       2.63                
 180cst M2                     620.00    -0.38      -0.06     620.38                
 Visco M1                       11.25     0.37       3.40      10.88                
 Visco M2                       10.88     0.00       0.00      10.88                
 380cst M1                     611.63    -0.50      -0.08     612.13                
 380cst M1/M2                    2.50    -0.13      -4.94       2.63                
 380cst M2                     609.13    -0.37      -0.06     609.50                
 Cracks 180-Dubai M1            -4.20     0.07      -1.64      -4.27                
 Cracks 180-Dubai M2            -4.34     0.02      -0.46      -4.36                
 East-West M1                   34.38     0.75       2.23      33.63             
 East-West M2                   34.25     0.50       1.48      33.75             
 Barges M1                     588.50    -0.88      -0.15     589.38               
 Barges M1/M2                    2.75     0.00       0.00       2.75                
 Barges M2                     585.75    -0.88      -0.15     586.63               
 Crack Barges-Brent M1         -13.40     0.15      -1.11     -13.55                
 Crack Barges-Brent M2         -12.79     0.26      -1.99     -13.05                
 

 (Reporting by Lee Yen Nee; Editing by William Hardy)
 

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