NEWS

Products: Jul 2-6: Petronas sells Jul loading LSWR

9 July, 2018


GASOLINE

The differentials for MR-size cargoes of gasoline on an FOB Northeast Asia basis were unchanged. No fresh deals for cargoes loading in August were heard, but market sentiment seemed to be weak. Due to sluggish demand in Southeast Asia, inventories in Singapore stood high. In China, exports were expected to stay high due to ample supply at home. Refiners in China were expected to make moves to sell spot cargoes loading in late August in the near future. Formosa Petrochemicals Co in Taiwan was scheduled to sell an MR-size cargo of 93RON gasoline loading in late August, but had yet to issue the tender. Refining margins of gasoline were still weak.

 

NAPHTHA

In the CFR Northeast Asia market, talks over second-half August delivery still went on. South Korea's GS Caltex bought heavy full range naphtha for delivery in the period at a premium of $14.00/mt to Japan quotations. SK Energy also secured the same spec for the same delivery period at a premium of around $15.00/mt to the same quotations. With regards to the heavy full range naphtha market, a source said that premiums got lowered a little but levels have remained historically high. Elsewhere, a Japanese petrochemical end-user also reportedly procured naphtha for second-half August delivery but further details such as specification were unknown.

 

MIDDLE DISTILLATES

The differentials for MR-size cargoes of 0.001% sulfur gasoil on an FOB Northeast Asia basis were unchanged. Ample supply capped the market. On Thursday, Formosa Petrochemicals Co (FPCC) in Taiwan sold 720,000bbl of 0.001% sulfur gasoil loading during Aug 3-8 at a discount of 15cts/bbl to Singapore quotations on an FOB basis. Due to its large cargo size, the cargo was likely to have been traded at a higher differential. CPC Co had spot availability loading in August, but details such as the specification were unknown.

 

FUEL OIL

Premiums for LSWR cargoes loading in Indonesia were in the range of $39.00-41.00/mt to Singapore quotations (180cst), unchanged from a day before. The number of cargoes for sale was increasing from Southeast Asia. Malaysia state-owned Petronas sold 100,000bbl of LSWR loading during Jul 13-15 through a tender. However, details such as an awardee and a price had yet to be heard. Indonesia’s state-owned Pertamina suppliers several 80,000bbl cargoes of 0.35% sulfur vacuum residue from Plaju refinery per month. The company have not sold LSWR cargoes from Balikpapan refinery for a while.

 

Contributed by:
https://eng.rim-intelligence.co.jp/index/top

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