SINGAPORE, May 14 (Reuters) - Asia's fuel oil market edged
up slightly on Monday, though outright prices continued to
weaken in line with lower underlying crude prices.
The June/July intermonth spread, which is the price
difference between June and July fixed-price swap, rebounded
back above $2.00 a tonne, after narrowing to close to $1.50 in
the previous session. The timespread closed 50 cents up at $2.13
a tonne, and traded higher at $2.50 after.
Activity in the swaps market was light, with less than
100,000 tonnes traded for any individual contract.
The 380-centistoke (cst) cash differential also inched up 50
cents to around a premium of $4.00 a tonne, after two spot deals
were done at an equivalent of $3.55 a tonne above Singapore spot
quote and with an outstanding bid at the same price during the
physical trading window.
Recent tanker-fixing activity for Western arbitrage cargoes
has been rather muted, but Indian refiners have been offering
June-loading supplies.
India's Mangalore Refinery and Petrochemicals (MRPL) is
offering 80,000 tonnes of 380-cst, for June 9-11 lifting from
New Mangalore. The tender will close on May 16, remaining valid
up to the next day.
Essar Oil had also sold a May 30-June 3 loading fuel oil
cargo, to Middle East trader Bakri. The ship Maharshi Parashuram
was seen provisionally chartered to move the cargo from Vadinar
to Fujairah.
FUEL OIL
TENDERS/SPOT
ISSUER BUY/SELL GRADE VOL LAYCAN CLOSE (VALID)
India/MRPL Sell 380cst 80KT June 9-11 (New Mangalore) May 16 (May 17)
