Bapco has started negotiations for its 2013-2014 term fuel oil exports, asking for a $3 premium above Middle East quotes while buyers are indicating their interest at discounts, industry sources said yesterday.
The company has off
Iran has started moving nearly two million barrels of fuel oil to Singapore in the first such shipment since June, according to an Iran-based port source and Reuters shipping data on Thursday.
Asia's top marine fuel trading hu
The Middle East fuel oil market is braced for a tightening third quarter as soaring power generation demand is set to curb Saudi Arabia's exports and Western sanctions could deprive the market of Iranian supplies, said experts.
Middle East fuel oil supplies into East Asia for August are expected to fall drastically from high levels of the past two months amid easing demand from China, traders said.
So far, only 400,000-450,000 tonnes of cargoes from Saudi Arabia
Middle East diesel prices eased this week, shedding gains from the late year-end rally in 2009, as bulging global inventories continue to weigh on the market.
Benchmark prices in the region were pegged at around 15 cents, down 35 cents fro
Saudi Arabia's fuel oil exports - at least 925,000 tonnes so far - have hit the highest level for the October month in five years, due to refinery outages and as peak summer demand tapered off.
The stream of cargoes from Saudi Aramco
India's Mangalore Refinery and Petrochemicals (MRPL) sold by tender 60,000 tonnes of 380-centistoke (cst) fuel oil for October loading to Emirates Oil National Company (Enoc) at a premium close to a 12-month high, traders said on Wednesday.
Saudi Aramco sold 80,000 tonnes of 380-cst cracked fuel oil for September 7 lifting from Jubail to Vitol at a much higher premium versus earlier deals, and offered another cargo for September 23 loading, traders have said.
Vitol paid a pre
Saudi Arabia, the world's top oil exporter, is burning more crude in domestic power plants to keep new wells pumping and produce cleaner electricity, likely eliminating demand for imported fuel this summer.
The use of even more crude o