Asia/Pacific News
Singapore Daily Fuel Oil Trading Volume Jumps 45 Percent
Singapore daily fuel oil trading volumes on Tuesday reached a record 580,000 metric tonnes, representing a 45 percent jump compared with the previous record set in 2013, Platts reports.
The previous record volume was 400,000 mt, traded on October 2, 2013.
Additionally, Asia fuel oil derivative volume traded during the Platts Market-on-Close (MOC) process reached a new daily high of 750,000 mt, surpassing the previous record of 735,000 mt traded on June 4, 2013.
The volume of bunker grade 380 centistroke HSFO traded Tuesday represented almost 30 percent of the entire volume traded for May, which at 1.75 million mt was 280 percent higher than the 460,000 mt traded in April.
Almost 90 percent of the total traded volume of physical fuel cargoes, 520,000 mt, was 380 cSt product while 60,000 mt of 180 cSt fuel oil was also traded during the half hour MOC assessment process.
"Fundamentally speaking the market has plenty of oil around. So with that in view one of two things have to happen ... either paper will have to come down or physical will have to go up," one trader told Platts.
Earlier in June traders said that fuel oil trades of the 380 cSt for June could easily top 3 million tonnes for deals done.
