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Asia Fuel Oil- Taiwan Formosa sells 50,000T Jan at higher prices
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Asia Fuel Oil- Taiwan Formosa sells 50,000T Jan at higher prices
Reuters - Monday, January 17
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By YanChong Yaw
SINGAPORE, Jan 17 - Taiwan's Formosa Petrochemical Corp sold two January-loading fuel oil cargoes, totalling 50,000 tonnes, at steady to higher price levels in its regular monthly tender, traders said on Monday.
The first high-sulphur fuel oil parcel, totalling 40,000 tonnes, was sold at a discount of around $15.00 a tonne to Singapore spot quotes on free-on-board basis , up from minus $25.00 previously, while the remaining 10,000 tonnes of pyrolysis fuel oil , a low-viscosity cutter, was transacted at a premium of around $80.00.
Both cargoes, for Jan. 25-27 loading from Mailiao, were sold to oil major Chevron.
"This is the second straight PFO cargo that has gone at such high premiums and that's reflective of the increasing lack of cutters in the market, especially in view of the heavy February arrivals," a Singapore-based Western trader said.
Reflecting this trend, the product's viscosity spread has widened unabatedly over the past week, with the front-month February contract valued at $10.50 a tonne in early Monday trade by 0430 GMT, up 13 cents from its previous close.
Traders attribute the widening spread to February's five-month high Western inflows, with 3.7 million tonnes booked so far, that is imbalanced between high-viscosity materials and low-viscosity cutters.
"The jury is still out but it certainly looks that way. A lot of the February Western inflows are from the Caribbean and they are usually high-viscosity, high-density cargoes that need to be blended before they can be sold into the bunkers market," another trader said.
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