The Singapore delivered marine fuel 0.5% premium to benchmark Singapore marine fuel 0.5%S hit an over 28-month high of $91.31/mt on May 27. ** Persistent supply tightness in the Singapore LSFO market is likely to support delivered premiums. ** Despite a record-high marine fuel 0.5%-Dubai crack spread of $34.11/mt, sulfur cutter stocks continue to be drawn away from marine fuel production and into the more profitable gasoil pool, with gasoil-Dubai crack spread even higher at $42.46/mt, resulting in a prolonged shortage of blending components. ** Arbitrage inflow is expected to remain low in June due to steepening backwardation, with the June-July time spread also at a record high of $61.50/mt May 27. ** Supply tightness is likely to hold up marine fuel 0.5% cargo premium, which hit a record high of $62.25/mt May 27. Receive daily email alerts, subscriber notes & personalize your experience.Ĭonversely, high sulfur fuel oil prices are likely to remain under downward pressure on expectations of growing inflows from the Middle East and Russia to Asia.Ĭrude oil futures were higher May 30 morning in Asia, with July ICE Brent at $120.39/b at 11 am Singapore time (0300 GMT), up from $117.70/b at the Asian close on May 27.
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