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HINDPETRO - Hindustan Petroleum News Story

₹300.55 2.8  0.9%

Last Trade - 02/12/21

Sector
Energy
Size
Large Cap
Market Cap £4.23bn
Enterprise Value £7.68bn
Revenue £32.86bn
Position in Universe 121st / 3178

Asia Fuel Oil-VLSFO crack recovers from 4-month low, Fujairah stocks rebound

Wed 6th October, 2021 11:57am
SINGAPORE, Oct 6 (Reuters) - Asia's 0.5% very low-sulphur fuel oil (VLSFO) crack rebounded
on Wednesday, recovering from a more than four-month low hit in the previous session as
benchmark crude oil prices narrowly retreated from multi-year highs.
    The front-month VLSFO crack fell to $10.56 a barrel above Dubai crude, down nearly $1 from
the previous session and lowest since May 31, Refinitiv Eikon data showed.  LFO05SGDUBCMc1 
    Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to
ramp up production more rapidly against a backdrop of concern about tight energy supply
globally.  O/R 
    The crude oil market later unwound those gains due to an American Petroleum Institute (API)
report showing rising crude inventories in the United States and, analysts said, technical
indicators suggesting oil has rallied too fast.
    Meanwhile, fuel oil inventories in the Fujairah bunkering and storage hub jumped 22% from
the previous week to a one-month high in the week ended Oct. 4, data released on Wednesday
showed.
    The latest inventory increase, which snapped three straight weeks of declines previously,
came amid lower exports and weaker bunker consumption at the Fujairah hub, trade sources said.
    
    FUJAIRAH STOCKS
    Fujairah Oil Industry Zone inventories for heavy distillates and residues climbed by 1.45
million barrels, or about 229,000 tonnes, to 8.18 million barrels, or 1.29 million tonnes, data
via S&P Global Platts showed.  FUJAIRAH/ 
    Fujairah's fuel oil inventories, however, were 23% lower than year-ago levels.
    According to assessments by Refinitiv Oil Research, exports from the UAE fell to 60,000
tonnes in the week ended Oct. 3, down from a more than two-month high of 520,000 tonnes from the
prior week.
    "High-sulphur (fuel oil) availability from Iran has been lower than normal (and) Iranian
fuel oil exports have fallen in recent weeks," according to Refinitiv Oil Research adding that
this coincided with reports of a crackdown on sanctions evasions by UAE-based shipping firms.
            
    WINDOW TRADES    
    PetroChina bought two 20,000-tonne VLSFO cargoes from Shell in the Singapore trading window.
    No high-sulphur fuel oil (HSFO) cargo trades were reported.
    Please click on  O/AS  for more details. 
           
    TENDERS
    India's HPCL sold a 25,000-tonne vacuum gasoil cargo with a maximum 2% sulphur content
loading from Vizag over Oct. 17-21 to Chevron at an unknown price level.
    For more information, please see  FUEL/TENDA .
        
    ASSESSMENTS
 FUEL OIL                                                                 
 CASH ($/T)                 ASIA CLOSE      Change  % Change  Prev Close  RIC
 Cargo - 0.5% VLSFO         577.26          11.15   1.97      566.11       MFO05-SIN 
 Diff - 0.5% VLSFO          1.13            -0.14   -11.02    1.27         MFO05-SIN-DIF 
 Cargo - 180cst             510.88          6.95    1.38      503.93       FO180-SIN 
 Diff - 180cst              8.90            -0.15   -1.66     9.05         FO180-SIN-DIF 
 Cargo - 380cst             498.86          7.61    1.55      491.25       FO380-SIN 
 Diff - 380cst              8.30            -0.10   -1.19     8.40         FO380-SIN-DIF 
 Bunker (Ex-wharf)- 380cst  512.00          6.00    1.19      506.00       BK380-B-SIN 
 Bunker (Ex-wharf) Premium  13.14           -1.61   -10.92    14.75       
                                                                          
 For a list of derivatives prices, including margins,
   please double click the RICs below.
 Brent M1                    BRENTSGMc1                                   
 180cst M1                   FO180SGSWMc1                                 
 180cst M1/M2                FO180SGSDMc1                                 
 180cst M2                   FO180SGSWMc2                                 
 Visco M1                    FOVISSGDFMc1                                 
 Visco M2                    FOVISSGDFMc2                                 
 380cst M1                   FO380SGSWMc1                                 
 380cst M1/M2                FO380SGSDMc1                                 
 380cst M2                   FO380SGSWMc2                                 
 Cracks 180-Dubai M1         FO180SGCKMc1                                 
 Cracks 180-Dubai M2         FO180SGCKMc2                                 
 East-West M1                FOSGEWMc1                                    
 East-West M2                FOSGEWMc2                                    
 Barges M1                   HFOFARAAMc1                                  
 Barges M1/M2                HFOFARAASMc1                                 
 Barges M2                   HFOFARAAMc2                                  
 Crack Barges-Brent M1       HFOFARAACMc1                                 
 Crack Barges-Brent M2       HFOFARAACMc2                                 
 

 (Reporting by Roslan Khasawneh; editing by Uttaresh.V)
 ((roslan.khasawneh@thomsonreuters.com; Reuters Messaging:
roslan.khasawneh.thomsonreuters.com@reuters.net))
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