SINGAPORE, May 17 (Reuters) - Asia cash premiums for the
benchmark marine fuels grade 380-centistoke (cst) ended the week
down $1.45 a tonne, weighed heavily by expanding fuel oil
inventories and bulging on specification arbitrage flows into
Asia for May and June.
Inventories in Singapore, the region's largest trading
centre, rose to a 5-1/2-month high, up around 13 percent, to
22.338 million barrels.
Fuel oil western arbitrage flows arriving in Asia in May
were expected to hit around 5.92 million tonnes, up nearly 10
percent on the month and about 17 percent over the monthly
average for the year.
June arbitrage arrivals, though seen to be much lower at
around 3.5 million to 3.7 million tonnes, are expected to be
mostly on specification fuels which would require limited
blending prior to being sold.
"You see the market now clearly reflecting weaker sentiment,
the balance has shifted to supply, and demand is very much
status quo," a trader said.
"If you see prices dropping another $10 to $15 dollars then
maybe you will see demand spike up."
Asia cash premiums for 380-centistoke (cst) ended the week
at 31 cents a tonne versus $1.76 a tonne at Monday's session
close. The differential for 180-cst dipped $1.27 a tonne to 36
cents on Friday's settlement.
* CASH DEALS: No deals
FUEL OIL
CASH ($/T) ASIA CLOSE Change % Change Prev Close
Cargo - 180cst 610.28 4.04 0.67 606.24
Diff - 180cst 0.36 -0.17 -32.08 0.53
Cargo - 380cst 602.62 3.75 0.63 598.87
Diff - 380cst 0.31 -0.31 -50.00 0.62
Bunker 607.50 3.00 0.50 604.50
(Ex-wharf)-
380cst
Bunker (Ex-wharf) 4.88 -0.75 -13.32 5.63
Premium
SWAPS ($/T) ASIA CLOSE Change % Change Prev Close
(0830 GMT)
Brent M1 103.76 0.85 0.83 102.91
180cst M1 609.63 4.25 0.70 605.38
180cst M1/M2 1.38 0.00 0.00 1.38
180cst M2 608.25 4.25 0.70 604.00
Visco M1 7.50 0.12 1.63 7.38
Visco M2 7.00 0.00 0.00 7.00
380cst M1 602.13 4.13 0.69 598.00
380cst M1/M2 0.88 -0.12 -12.00 1.00
380cst M2 601.25 4.25 0.71 597.00
Cracks 180-Dubai -6.83 -0.26 3.96 -6.57
M1
Cracks 180-Dubai -6.58 -0.23 3.62 -6.35
M2
East-West M1 28.25 0.25 0.89 28.00
East-West M2 29.00 0.25 0.87 28.75
Barges M1 581.38 4.00 0.69 577.38
Barges M1/M2 2.13 0.00 0.00 2.13
Barges M2 579.25 4.00 0.70 575.25
Crack -14.45 -0.04 0.28 -14.41
Barges-Brent M1
Crack -14.43 -0.02 0.14 -14.41
Barges-Brent M2
(Reporting by Luke Pachymuthu; Editing by Clarence Fernandez)
