Spot premium for 360-cst high sulphur fuel oil (HSFO) was at more than a year’s high as of Wednesday, while Kuwait Petroleum Corporation offered HSFO for loading in October trade sources said.
The premium was pegged above $17 a metric ton to Singapore quotes, extending gains from the previous day, while backwardation held steady to stronger at the prompt months
The market had rallied higher as with very low sulphur fuel oil (VLSFO), which has been strong on supply tightness for prompt dates. However, trade sources expect the market to ease into the fourth quarter.
Meanwhile, Kuwait’s KPC offered 60.000 tons of 380-cst HSFO for loading between Oct. z and Oct. 10. The tender closes on Wednesday.
INVENTORY DATA
Fujairah heavy fuel inventories FUJHDoz jumped 25.3% to 10.03 million barrels (1.58 million tons) in the week to Oct 9, reaching a two-month high, based on latest FOIZ data published by S&P Global Commodity Insights.
Source: Reuters (Reporting by Jeslyn Lerh. Editing by Maju Samuell
