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Asia Fuel Oil VLSFO Money Premiums Rise, Crack Good Points Additional

Asia’s money premiums for 0.5% very low-sulphur gas oil (VLSFO) rose on Wednesday, whereas the front-month crack for the marine gas grade soared to its highest since February 2020.

Cash premiums for Asia’s 0.5% VLSFO rose to $17.61 a tonne to Singapore quotes, up from $16.88 per tonne a day earlier.

The front-month VLSFO crack rose for a fourth consecutive session, leaping to $16.88 per barrel towards Dubai crude throughout Asian buying and selling hours. It was at $16.29 per barrel on Tuesday.

Meanwhile, the 380-cst HSFO barge crack for January traded at a reduction of $11.94 a barrel to Brent on Wednesday, whereas money differentials for 380-cst excessive sulphur gas oil (HSFO) have been at a premium of 18 cents per tonne to Singapore quotes.

PERTAMINA WORKERS CANCEL STRIKE

– Workers at Indonesia’s PT Pertamina have cancelled a deliberate 10-day nationwide strike after their commerce union and the state power agency’s administration agreed on labour phrases, union president Arie Gumilar stated in an announcement on Wednesday. learn extra

– The state power firm is Southeast Asia’s largest gas importer and at the very least 10,000 workers have been initially slated to affix the commercial motion, in accordance with studies.

INVENTORIES

– Fujairah Oil Industry Zone (FOIZ) inventories for heavy distillates and residues rose 6.7%, or 601,000 barrels (about 90,000 tonnes), from the earlier week to 9.5 million barrels (1.4 million tonnes), information by way of S&P Global Platts confirmed.

– Compared with year-ago ranges, the weekly gas oil inventories at FOIZ have been about 15% decrease.

– Fuel oil shares at FOIZ have averaged 10.3 million barrels to this point this yr, in contrast with a weekly common of 12.9 million barrels in 2020, Reuters calculations confirmed.

WINDOW TRADES

– One VLSFO deal, no HSFO trades

OTHER NEWS

– U.S. oil rose for a sixth consecutive session on Wednesday whereas Brent gained extra floor with a broad-based rally in international markets supporting costs.

– China’s commodities markets suffered by a turbulent yr in 2021 as an power crunch and subsequent authorities intervention roiled the costs of merchandise from thermal coal to urea, whipsawing them from report highs to month-to-month lows in weeks.

Still, the market is broadly set to finish the yr larger, notably tin, edible oils and thermal coal, although a second yr of untamed swings and sharp good points are unlikely amid expectations of extra subdued financial progress. learn extra
Source: Reuters

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