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Fujairah ex-wharf bunker premiums may find near-term support on limited supply: sources

Singapore — Ex-wharf bunker fuel premiums in Fujairah may find support in the later half of October, as cargo supply was still limited despite a recovery from the tightness seen in August and September, trade sources said this week. The ex-wharf 380 CST bunker fuel premium to Mean of Platts Arab Gulf 180 CST high sulfur fuel oil assessments averaged $10/mt over first-half October, S&P Global Platts data showed.

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While this has edged down from an average premium of $12/mt seen in September, levels were still much higher compared with earlier in the year, when the premium averaged $3/mt during H1 2018, the data showed.

"Most ex-wharf offers in the market are still at levels in the $10s/mt [to MOPAG 180 CST HSFO assessments]... I think premiums will continue to be high until the end of the year," a Fujairah bunker fuel trader said.

"Cargo suppliers are still holding on the high side and there are not many options here [for buyers]," another trader said.

Meanwhile, stocks of heavy distillates and residues slipped by 0.3% week on week to 7.913 million barrels in the week ended October 15, latest data by the Fujairah Energy Data Committee showed.

In recent weeks, bunker fuel demand in Fujairah had returned to average levels after surging in August and early September due to fuel quality issues at other ports such as Singapore and Kuwait, sources said.

--Jeslyn Lerh, jeslyn.lerh@spglobal.com

--Edited by Irene Tang, irene.tang@spglobal.com