April 5, 2012 / 7:24 AM / 6 years ago

Asia Fuel Oil-Edges up slightly on thin trade

April 5 (Reuters) - Asia's fuel oil market edged up slightly
on Thursday, amid thin liquidity just before the long Easter
weekend holiday. 	
    Swaps volumes were moderate, with less than 50,000 tonnes
traded for any individual contract. 	
    However, Brightoil was seen continuing its bullish play in
the market, placing firm bids for the fixed-price swaps
contracts during the trading window that offered some buffering
for the fall in prices due to lower underlying benchmark crude.	
    The Chinese trader also purchased one 380-centistoke (cst)
spot cargo at a premium equivalent to $2.38 a tonne above
Singapore spot quotes, bidding at that level after the trade.	
    No new tanker-fixing activity has been seen, with May
bookings hovering around 3.2-3.3 million tonnes so far.	
    Regional demand has provided some support to the market,
with Vietnam's Petrolimex expected to award its second quarter
buy term tender by the end of the week, seeking up to 180,000
tonnes of fuel oil.	
    Japan's weekly import for low-sulphur fuel oil (LSFO) also
edged up to 179,263 kilolitres, from the previous week's 90,108
kilolitres, data released by the Petroleum Association of Japan
(PAJ) showed.  	
    In the Middle East, Pakistan March fuel oil imports was 18
percent higher at 460,688 tonnes, up 70,328 tonnes from the
previous month. 	
    The rise was led by higher high-sulphur fuel oil (HSFO)
volumes at 392,499 tonnes, up 132,492 tonnes, while low-sulphur
fuel oil (LSFO) fell 62,164 tonnes to 68,189 tonnes.	
    The country is not expected to import any LSFO volumes for
the second quarter, as state-owned Pakistan State Oil (PSO) had
refrained from purchasing the expensive grade. 	
           	
 FUEL OIL                                                                              
 TENDERS/SPOT                                                                          
 No tenders                                                                            
                                                                                       
 CASH TRADES                                                                           
 Grade             Seller         Buyer    Vol         Laycan            Price
                                                                         (Transaction)
 180cst            BP             Shell    40KT        April 26-30       MOPS +$2.00
 380cst            PetroChina     Brighto  20KT        April 26-30       Bal April MOPS
                                  l                                      +$1.00
    	
 CASH ($/T)                  ASIA CLOSE     Change   % Change    Prev Close        RIC
 Cargo - 180cst              $742.15        -$2.40   -0.32       $744.55           FO180-SIN
 Diff - 180cst               $2.00          -$0.25   -11.11      $2.25             FO180-SIN-DIF
 Cargo - 380cst              $731.90        -$2.70   -0.37       $734.60           FO380-SIN
 Diff - 380cst               $2.50          $0.40    19.05       $2.10             FO380-SIN-DIF
 Bunker (Ex-wharf)- 380cst   $736.50        -$4.50   -0.61       $741.00           BK380-B-SIN
 Bunker (Ex-wharf) Premium   $4.60          -$1.80   -28.12      $6.40                             
                                                                                                   
 SWAPS  ($/T)                ASIA CLOSE     Change   % Change    Prev Close        RIC
                             (0830 GMT)                                            
 Brent M1                    $123.39        -$1.20   -0.96       $124.59                       
 180cst M1                   $741.13        -$1.62   -0.22       $742.75                         
 180cst M1/M2                $2.75          $1.37    99.28       $1.38                           
 180cst M2                   $738.38        -$3.00   -0.40       $741.38                         
 Visco M1                    $10.50         $1.12    11.94       $9.38                           
 Visco M2                    $11.25         $0.62    5.83        $10.63                          
 380cst M1                   $730.63        -$2.75   -0.37       $733.38                         
 380cst M1/M2                $3.50          $0.87    33.08       $2.63                           
 380cst M2                   $727.13        -$3.62   -0.50       $730.75                         
 Cracks 180-Dubai M1         -$6.29         $0.59    -8.58       -$6.88                          
 Cracks 180-Dubai M2         -$6.05         $0.53    -8.05       -$6.58                          
 East-West M1                $42.50         -$0.50   -1.16       $43.00                       
 East-West M2                $38.38         -$0.37   -0.95       $38.75                       
 Barges M1                   $698.63        -$1.12   -0.16       $699.75                        
 Barges M1/M2                -$1.38         $1.50    -52.08      -$2.88                          
 Barges M2                   $700.00        -$2.63   -0.37       $702.63                        
 Crack Barges-Brent M1       -$15.70        $0.79    -4.79       -$16.49                         
 Crack Barges-Brent M2       -$15.70        $0.54    -3.33       -$16.24                         
   	
 SWAP TRADES                                 
 Contract                  Price range       Vols
                                             ('000T)
 180cst May                $737.75-$738.50   20
 180cst April/May          $2.50             10
 180cst May/June           $2.75-$3.05       30
 180cst June/July          $3.25             15
 180cst July/August        $3.50-$3.75       30
 180cst August/September   $3.70-$3.75       25
 180cst September/October  $3.75-$3.75       15
 180cst Q3/Q4              $11.60            60
 380cst May                $726.75-$727.00   40
 380cst April/May          $3.00             15
 380cst May/Jun            $3.25             5
    	
	
 (Reporting by Jasmin Choo and Lee Yen Nee; Editing by Clarence
Fernandez)

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