Latest news with #JeslynLerh
Zawya
16-05-2025
- Business
- Zawya
UAE's Fujairah marine fuel sales hit over a year's high in April
SINGAPORE - Marine fuel sales at the United Arab Emirates' Fujairah port reached more than a year's high in April, extending recovery for a second straight month, latest data showed. Sales, excluding lubricants, totalled 669,378 cubic metres (about 663,000 metric tons) at the world's third largest bunker port, based on Fujairah Oil Industry Zone (FOIZ) data published by S&P Global Commodity Insights late Thursday. Bunker volumes in April climbed 4.6% from the previous month, while edging 4.8% higher from the same month last year. The uptick was led by supported demand for high-sulphur marine fuel, with sales climbing 12.6% month-on-month to 189,388 cubic metres. Meanwhile, low-sulphur marine fuel sales, including low-sulphur fuel oils and marine gasoils, inched 1.8% higher to about 480,000 cubic metres. The market share of high-sulphur bunkers widened to 28% in April, while low-sulphur bunkers were at 72%. Bunker demand at Fujairah rebounded in March and April after a slump in February. Fujairah bunker sales by month, in cubic metres: Month Total Sales M-o-M Y-o-Y Jan-25 628,663 3.7% -6.8% Feb-25 554,117 -11.9% -12.5% Mar-25 639,811 15.5% -8.7% Apr-25 * 669,378 4.6% 4.8% Breakdown of volumes by grade, in cubic metres: Data source: Fujairah Oil Industry Zone data published by S&P Global Commodity Insights (1 cubic metre = 6.29 barrels) (1 metric ton = 6.35 barrels for fuel oil) (Reporting by Jeslyn Lerh; Editing by Michael Perry)
Zawya
09-05-2025
- Business
- Zawya
Iraq's SOMO offers fuel oil term supplies for second-half of 2025, sources say
SINGAPORE - Iraq's state-owned marketer SOMO has offered a term contract to supply high-sulphur fuel oil between July and December 2025, according to industry sources. The fuel oil will be lifted from the Khor al-Zubair (KAZ) ship-to-ship transfer port, with a volume of about 142,500 metric tons per month. The tender will close on May 18, with a validity of up to 20 days. (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Yahoo
07-05-2025
- Business
- Yahoo
Oil rises as market eyes US-China trade talks, lower US output
By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices rose on Wednesday, holding slightly above recent four-year lows, as investors focused on U.S.-China trade talks and signs of lower U.S. production. Brent crude futures climbed 73 cents a barrel, or 1.2%, to $62.88 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude was up 81 cents, or 1.4%, at $59.90 a barrel. Both benchmarks plunged to a four-year low recently after OPEC+' decided to speed up output increases, stoking fears of oversupply at a time when U.S. tariffs have increased concerns about demand. "News that the U.S. and China will start trade talks this weekend has Brent crude trading higher, extending a relief rally in oil," said commodities strategists at ING on Wednesday. "Yet while negotiations would help improve sentiment in the oil market, we'll need to see significant progress on lowering tariffs to improve the demand outlook," ING added. Meanwhile, lower oil prices in recent weeks have prompted some U.S. energy firms, including Diamondback Energy and Coterra Energy, to announce rig reductions, which analysts said should support prices over time by reducing output. The latest announcements suggested output will weaken in the coming months, said ANZ Bank senior commodity strategist Daniel Hynes. "We warned last month that falling prices and declining drilling activity was raising the risk of U.S. oil output falling." Crude stocks fell by 4.5 million barrels in the week ended May 2, market sources said, citing American Petroleum Institute figures on Tuesday. [API/S] U.S. government data on stockpiles is due at 10:30 a.m. ET (1430 GMT). Analysts polled by Reuters expect, on average, an 800,000-barrel decline in U.S. crude oil stocks for last week. [EIA/S] Prices also drew support from signs of demand improving. Consumers in China increased spending during the May Day celebration and as market participants returned after the five-day holiday. In Europe, companies are expected to report growth of 0.4% in first-quarter earnings, an improvement over the 1.7% drop analysts had expected a week ago. The Federal Reserve is widely expected to leave U.S. interest rates unchanged on Wednesday as tariffs roil the economic outlook. (Reporting by Nicole Jao in New York and Jeslyn Lerh in Singapore; Editing by Stephen Coates, Kate Mayberry and Saad Sayeed)
Zawya
17-04-2025
- Business
- Zawya
Singapore fuel oil stockpiles climb on strong Mideast inflows
SINGAPORE - Onshore fuel oil stockpiles at key trading hub Singapore rose for a second straight week, supported by strong inflows of Middle Eastern supply, data showed on Thursday. Residual fuel inventories were at 22.9 million barrels (about 3.6 million metric tons) in the week to April 16, based on Enterprise Singapore data. [O/SING1] The inventories were up 3.9% week-on-week, holding above typical weekly averages and reaching their highest in 17 weeks. The top three supply origins recorded for the week were Iraq, the United Arab Emirates, and Kuwait. Middle Eastern supply arriving in the broader Asia region had surged last month, while western supply and regional supply also firmed, ship-tracking data showed. Attractive high-sulphur fuel prices had attracted more incoming barrels during then, even though volumes for April have tapered off slightly compared to March, trade sources said. Meanwhile, outflows of fuel oil from Singapore onshore tanks were mostly headed to the Philippines and China, excluding movements to storage facilities in Malaysia. The high-sulphur fuel oil spot market remained under pressure in recent days, while the low-sulphur fuel oil market was rangebound. [FUEL/A] "Singapore's onshore residual stocks have been above 3 million tons since mid-March, buoyed by strong arrivals in March and softer maritime fuel demand," said Emril Jamil, a senior analyst at LSEG Oil Research. "The build-up in onshore stocks and weaker demand has dampened ex-wharf high-sulphur bunker premiums," he added. Week to Apr. 16, Fuel oil (in metric tons) Total Imports Total Exports Net Imports BAHRAIN 57,917 0 57,917 BRAZIL 8,698 0 8,698 CHINA 0 19,998 -19,998 ESTONIA 51,248 0 51,248 INDIA 33,280 319 32,961 INDONESIA 45,586 0 45,586 IRAQ 237,435 0 237,435 JAPAN 48,147 0 48,147 KUWAIT 82,602 0 82,602 MALAYSIA 69,493 93,394 -23,901 NETHERLANDS 1,616 0 1,616 PHILIPPINES 0 73,719 -73,719 THAILAND 67,074 0 67,074 UNITED ARAB EMIRATES 102,050 0 102,050 UNITED STATES 0 13,858 -13,858 VIETNAM 15,400 10,974 4,427 TOTAL 820,546 212,262 608,284 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Zawya
03-04-2025
- Business
- Zawya
Asia seeks more fuel oil exports from Nigeria's Dangote refinery
SINGAPORE - Asia's oil hub of Singapore is set to receive more fuel oil from Nigeria's Dangote refinery in April, following a jump in arrival volumes last month, according to trade sources. The refinery has offered additional residual fuel for export in its latest tender this week, with the cargo set to load between April 17 and April 19, sources said. The combination cargo will comprise about 85,000 metric tons of low-sulphur straight-run fuel oil and 35,000 tons of slurry. The tender closes on Friday, sources said. Prior to this, the refiner had sold a cargo for loading scheduled between April 10 and April 12, based on tender records compiled by Reuters. Asia was the top destination for fuel oil exports from the Dangote refinery in 2024, based on data from shipping analytics firm Kpler. Dangote exports fuel oil on an occasional basis depending on refinery plant status, sources said. Asia received a record monthly high of Nigerian fuel oil arrivals in March totalling more than 300,000 tons, data from Kpler showed. Expectations of higher supplies are expected to cap fuel oil benchmarks in Asia, which have already softened in recent sessions. (Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips)
