Singapore oil products firmer<\/p>\n
SINGAPORE (Reuter): Singapore oil products spot prices edged
\nup yesterday on news that a fire which started on Tuesday damaged
\nseven tanks holding kerosene, naphtha and aviation fuel. The
\nrefinery was unaffected but was shut as a precaution.<\/p>\n
The jet fuel market was active with two deals done. A refiner
\nsold 120,000 barrels to Indonesia for second-half November
\nloading at 20 cents a barrel over Singapore quotes fob. Another
\n240,000 barrels was heard traded around 15 cents premium fob.
\nIndonesia has so far bought about 500,000 barrels for November.<\/p>\n
Early this week, Indonesia bought 240,000 barrels from a major
\nat a 10-cent premium for early November loading fob.<\/p>\n
Sellers said current jet fuel offers for mid-to-end-November
\nloading would be 20-25 premiums and is set to firm if Indonesia
\nraised its November imports to cover shortages. Two gas oil
\noffers were heard at US$20.35 a barrel fob for first half
\nNovember. A second-half November cargo was bid at $20.25.<\/p>\n
The market got a boost from the Cilacap fire but tapered off
\nover uncertainties about Indonesia's extra demand. High local
\nstocks continued to weigh gasoline prices.<\/p>\n
A bid for Nov. 20-22, 95 octane unleaded were at $19.90 fob
\nwhile an offer was at $20. Mobil would be shutting its 38,000
\nbarrels a day reformer here this weekend or early next week for
\nchecks and repairs.<\/p>\n
The shutdown is unlikely to affect the gasoline market as the
\nunit produces reformate. The refiner recently bought 100,000
\nbarrels of 97 octane reformate at a $1 premium fob Malacca.<\/p>\n
Naphtha prices were stable. Bullishness was capped despite
\nexpectations of an export disruption from Indonesia if domestic
\nsupplies are kept for internal use following the Cilacap
\nshutdown. But upside would be limited as Indonesian exports had
\nbeen limited.<\/p>\n
Fuel oil prices firmed on the Cilacap news but Indonesian
\ndemand has not emerged. Bids were seen at $91.50 for early
\nNovember loading. MidEast cargoes may head eastwards as markets
\nin the west weakens.<\/p>\n
High sulphur fuel oil prices firmed. A trader was heard to
\nhave purchased close to 600,000 tons of fuel oil last month for
\ndeliveries to Indonesia this month.<\/p>\n
This would be enough to cover shortfall in supplies caused by
\nthe refinery shutdown, said a trader. But talks are underway to
\ndivert the cargoes to other locations because of the damaged
\nstorage tanks at Cilacap.<\/p>\n
Several bids were seen at $91.50 for early November loading.
\nIt was heard that MidEast cargoes may head towards the Far East
\nas markets in the west weakens.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-oil-products-firmer-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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