DJ ASIA FUEL OIL: Cargo Prices Steady;Singapore HSFO Stks Dn
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[March 30, 2006]

DJ ASIA FUEL OIL: Cargo Prices Steady;Singapore HSFO Stks Dn

(Comtex Business Via Thomson Dialog NewsEdge)SINGAPORE, Mar 30, 2006 (Dow Jones Commodities News via Comtex) --Physical fuel oil prices in Asia were largely steady Thursday as losses in crude futures in electronic trade offset their overnight gains.



Also, speculative activities in Singapore were winding down and most traders were reluctant to push up prices.

In the Singapore cash market, only one deal was done. BP bought 20,000 metric tons of 180 cst fuel oil for April 19-23 loading from Vitol at a premium of $3.00/ton over the Singapore mean, below Wednesday's premium of $4.00/ton.



The premium has been falling by $1.00/ton each day over the last three sessions, suggesting speculative activities are running out of steam.

"It's the final chapter," said a Singapore trader.

"BP is not going down without a fight, but I don't see how it can sustain into April," he said.

Shell submitted a bid at a premium of $2.50/ton, below a premium of $3.50/ton it submitted on both Tuesday and Wednesday.

The cargo price of 180 cst fuel oil was assessed at $335.90/ton, down 5 cents from Wednesday. The physical premium fell by $1 to $2.95-$3.05/ton.

In the Singapore fuel oil swaps market, April swaps for 180 cst fuel oil were quoted at $333.50-$333.75/ton, up $1 from Wednesday.

The April-May spread was in backwardation of $3.25/ton, slightly narrower than Wednesday's $3.75/ton.

In tender news, India's Mangalore Refinery and Petrochemical Ltd. sold 80,000 tons of 380 cst for April 18-20 loading to Mitsui at a discount of $2-$3 to the Singapore mean, compared with a discount of $8-$9/ton it last sold to Vitol for late-March loading.

Elsewhere, Singapore fuel oil stocks hit an 11-week low, but the downtrend may not last long due to a heavy inflow of fuel oil cargoes for April.

The latest government data showed Singapore onshore fuel oil stocks fell 706,000 barrels to 10.125 million barrels in the week ended March 29, their lowest since Jan. 11.

-By Sherry Su, Dow Jones Newswires; 65-64154065; sherry.su@dowjones.com

-Edited by Ryan Woo

(END) Dow Jones Newswires

03-30-06 0524ET

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