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OIL PRODUCTS: Singapore’s Downstream LSFO Premiums Under Pressure: Platts

OIL PRODUCTS
SingaporeEnergy BulletsBulletAPACCommodities

Downstream LSFO premiums in Singapore have decreased as sellers moderate demand expectations post-Lunar New Year, Platts said, 

  • On Feb. 13, the 0.5%S bunker premium fell to $10.48/mt, a near seven-month low.
  • Demand was slow, with buyers hesitant amid rising crude prices. Any gains were offset by competitive selling.
  • Pre-Lunar New Year, stronger demand tightened barge availability, but subsequent leaner demand eased has schedules.
  • Barging spreads narrowed to $1/mt on Feb.12, slightly increasing to $2/mt on Feb. 13.
  • Suppliers' margins also decreased, Platts added.
  • Despite expectations of 1.6m-1.7m mt LSFO from the Western Hemisphere towards Singapore, replenishment flows may keep inventories adequate, Platts said.
  • Singapore's heavy distillate stockpiles rose 4.3% to 20.1m bbl.
  • Regional competition, especially from Zhoushan, is expected to increase.
  • The LSFO Singapore- Zhoushan bunker spread widened to $8/mt in February.
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Downstream LSFO premiums in Singapore have decreased as sellers moderate demand expectations post-Lunar New Year, Platts said, 

  • On Feb. 13, the 0.5%S bunker premium fell to $10.48/mt, a near seven-month low.
  • Demand was slow, with buyers hesitant amid rising crude prices. Any gains were offset by competitive selling.
  • Pre-Lunar New Year, stronger demand tightened barge availability, but subsequent leaner demand eased has schedules.
  • Barging spreads narrowed to $1/mt on Feb.12, slightly increasing to $2/mt on Feb. 13.
  • Suppliers' margins also decreased, Platts added.
  • Despite expectations of 1.6m-1.7m mt LSFO from the Western Hemisphere towards Singapore, replenishment flows may keep inventories adequate, Platts said.
  • Singapore's heavy distillate stockpiles rose 4.3% to 20.1m bbl.
  • Regional competition, especially from Zhoushan, is expected to increase.
  • The LSFO Singapore- Zhoushan bunker spread widened to $8/mt in February.