Platts MOC Singapore HSFO swap trades jump 21% in June
7th July 2020 07:53 GMT

The total volume of Singapore high sulfur fuel oil swaps traded during the Platts Market on Close assessment process in June jumped 20.85% month on month at 4 million barrels (630,000 mt), S&P Global Platts data showed.

HSFO demand surged in June as Middle Eastern countries increased purchases for power plants, to meet air-conditioning demand, market sources said.

Saudi Arabia is the biggest buyer of HSFO in the Middle East, and it is expected to buy 1 million-1.5 million mt/month of the product over June-August, fuel oil traders said.

In a rare move, Saudi Arabia bought at least 80,000 mt of HSFO from Singapore for loading in June, to meet its requirements, they added. The kingdom typically buys HSFO from the Persian Gulf or from the West.

Pakistan also sought HSFO cargoes for power plants for the first time this year, for July, even though it is aiming to increase the LNG share in its power mix while reducing oil.

Power companies in Bangladesh also boosted their HSFO purchases for summer demand. Bangladesh's Summit Power International, the country's largest private power company, was expected to buy 60,000 mt/month over the summer peak demand season, up from the typical 40,000 mt/month, a company source said.

Platts MOC June swaps trading volumes did, however, see a downtrend compared to last year. The total MOC traded HSFO swaps volume for June fell 36.71% year on year, Platts data showed.


Bunkerworld .,
7th July 2020 07:53 GMT

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MOROZOV STEPANOVICH
14th July 2020
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