S'pore oil products steady, gas oil active

S'pore oil products steady, gas oil active

SINGAPORE (Reuter): Singapore oil products prices were steady yesterday with activity again centering on gas oil, traders said.

Three deals were heard traded for end-July delivery at wide ranges. Two 150,000-barrel parcels were sold for July 26-30 lifting at US$25.25 per barrel fob Singapore, and another 150,000 barrels were sold at $25.70 for July 23-27 lifting. But some traders said current levels of over $25.50 seemed overpriced.

However, with European gas oil prices rising, traders expect more cargoes from the Mediterranean being diverted westwards instead of the east despite form prices here as well.

Taiwan canceled its jet fuel import tender for August delivery, as offers were considered high. The tender received over 10 offers, the lowest being around $199 per ton C & F.

Traders said jet fuel prices were currently firm with a cargo heard sold recently by a Mideast refiner to a European major at 15 cents a barrel over Singapore quotes, for second-half July lifting fob Singapore.

Taiwan's reformat purchase tender for August delivery was awarded at low levels. Leaded was bought around $23.70 per barrel, while unleaded was awarded at $23.90 C & F basis. Offers were earlier heard above $24 per barrel, traders said.

Physical fuel oil prices were stable while low sulfur waxy residue dipped 30 cents per barrel on thin demand and an anticipated additional allocation from Indonesia. A South Korean refiner was heard to have surplus fuel oil for July lifting. Poor Chinese enquiries might cause the refiner to sell the cargoes in the Singapore market, said a trader. Chinese buyers were holding back their purchases as they considered current prices to be too high, a Chinese trader said.

A Korean refiner was heard to be offering 200,000 barrels of straight run LSWR supplies for July lifting.