Europe fuel oil market balanced despite poor Asian exports

01 November 2013 16:02  [Source: ICIS news]

LONDON (ICIS)--The northwest European fuel oil market is balanced, despite ongoing slowness in exports to the key Asian market, industry sources said on Friday.

Only one shipping fixture was seen this week for fuel oil caroges. A suezmax vessel was chartered by Litasco to ship 130,000 tonnes of fuel oil from Rotterdam to Singapore.

No new shipping fixtures were seen for a very large crude carrier (VLCC) moving from Rotterdam to Singapore. Fuel oil is normally transported to Asia via VLCCs, which can carry either fuel oil or crude oil and is larger in capacity than a suezmax.

A fuel oil trader said: "Arb [is] closed I hear. [Exports are down] also due to high rates on shipping."

Meanwhile, fuel oil stocks in the Amsterdam-Rotterdam-Antwerp (ARA) region have risen from last week, independent stock data released on Thursday revealed.

($1 = €0.74)

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By: Cuckoo James
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