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LONDON — Europe's high-sulfur fuel oil market tightened for much of the second quarter as Middle Eastern summer power generation demand siphoned feedstock out of the region and supply was constrained
by seasonal refinery maintenance.
Although the roster for May, June and July was thin, from northwest Europe to Singapore, this is expected to continue into the third quarter
.
The Middle East, mainly Saudi Arabia, currently attracted about 1.
5 million metric tons from Europe in May and June respectively to meet the surge in demand for air conditioning in
the region's summer, traders said.
In addition, the market tightened
from the oversupply in the first quarter of 2018 due to the lack of tool inventory (used to reduce the viscosity of high-viscosity fuel oil to produce marketable RMG 380 CST fuel oil).
While Middle East demand will continue to be strong over the summer, supply conditions in Europe are likely to change and additional shipments from the Black Sea into the Mediterranean will increase
.
This is mainly as refineries begin to optimize operations after seasonal repairs, and light vehicles
from Spain, Italy and Turkey are also expected in the third quarter.
Data from PJK Consulting shows that there are some signs that the market will last longer
by the end of the second quarter.
As of June 27, fuel oil stocks at the Amsterdam-Rotterdam-Antwerp hub rose to a record 1.
614 million tonnes
.
Traders said stocks rose due to the shutdown of VLCC equipment in NSW and Singapore, but the carry trade in July looked more promising, with 660,000 tonnes of HSFO shipped from Rotterdam to Singapore
as of June 29.
LONDON — Europe's high-sulfur fuel oil market tightened for much of the second quarter as Middle Eastern summer power generation demand siphoned feedstock out of the region and supply was constrained
by seasonal refinery maintenance.
Although the roster for May, June and July was thin, from northwest Europe to Singapore, this is expected to continue into the third quarter
.
The Middle East, mainly Saudi Arabia, currently attracted about 1.
5 million metric tons from Europe in May and June respectively to meet the surge in demand for air conditioning in
the region's summer, traders said.
In addition, the market tightened
from the oversupply in the first quarter of 2018 due to the lack of tool inventory (used to reduce the viscosity of high-viscosity fuel oil to produce marketable RMG 380 CST fuel oil).
While Middle East demand will continue to be strong over the summer, supply conditions in Europe are likely to change and additional shipments from the Black Sea into the Mediterranean will increase
.
This is mainly as refineries begin to optimize operations after seasonal repairs, and light vehicles
from Spain, Italy and Turkey are also expected in the third quarter.
Data from PJK Consulting shows that there are some signs that the market will last longer
by the end of the second quarter.
As of June 27, fuel oil stocks at the Amsterdam-Rotterdam-Antwerp hub rose to a record 1.
614 million tonnes
.
Traders said stocks rose due to the shutdown of VLCC equipment in NSW and Singapore, but the carry trade in July looked more promising, with 660,000 tonnes of HSFO shipped from Rotterdam to Singapore
as of June 29.
