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Singapore bunker suppliers conclude May ex-wharf term premiums at $5-7/mt
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Bunker fuel suppliers have concluded May term contracts for Singapore 380 CST bunker fuel on an ex-wharf basis at premiums of $5-7/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, up slightly from April term values, trade sources said Monday.
April term contracts were concluded at premiums ranging between $4.50/mt and $5/mt to MOPS 380 CST HSFO assessments.
Bids have been around the $4-5/mt mark, buyers said, with most of them still not keen to commit to May term contracts as they were still lifting from contracts concluded on the basis of the second quarter of the year.
Premiums for physical bunker fuel are the prices buyers are willing to pay for oil over and above published benchmark values.
The higher values seen in May reflect the rise in spot market premiums seen in recent weeks, with market sentiment strong due to the recent tightness seen in April spot loadings and the general lack of ready grade material, said sellers.
Though the spot situation has eased now, sentiment remains high for now, they said.
On April 18, the spot premium for ex-wharf Singapore 380 CST bunker fuel hit a 14-month high of $10.22/mt to the MOPS 380 CST HSFO assessments, Platts data showed.
Premiums have not hit that level since February 14, 2012, when they stood at $11.72/mt.
Supply for May is expected to be more than ample, with a range of 4 million-5.4 million mt heard to be arriving in Singapore.
The quality of imports is expected to be better than those that arrived in April, with more ready grade available to the bunker market on a more frequent basis compared with April, when most supply was not of ready grade and caused delays in loadings, said sellers.
June supply is not as firm yet, but trade sources were hearing around 2 million mt and upwards to date, with still plenty of time left to fix more arrivals, sources said.
Spot premiums for the ex-wharf 380 CST have hovered around the $5-8/mt mark in recent weeks, reflecting the term market.
Source: Platts |
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