Asia Fuel Oil-Cracks weaken, China demand subdued

2012-10-30

Asia's fuel oil cracks weakened on Monday, with the front-month November discount widening to its lowest in more than a week on a weak demand outlook.

The November contract was at a discount of $8.49 a barrel to Dubai crude by the Asian close, down 56 cents from the previous session and weakest since Oct. 19, according to Reuters data.

Enquiries from Chinese teapot refiners improved slightly, but remained at weakened levels as the and outlook for diesel and gasoline was subdued, according to trade sources.

Diesel and gasoline are the main refinery output.

China imported 2.34 million tonnes of No. 5-7 fuel oil in September, 80 percent higher than the previous month, or 57 percent higher than a year earlier, data by the General Administration of Customs showed.
   
In the swaps market, Shell continued a selling spree, offloading another 85,000 tonnes of fuel oil derivative contracts during the trading window.

This brings the total fuel oil derivative contracts bought by the oil major to more than 800,000 tonnes since Oct. 22, according to Reuters data.

Fuel oil's prompt November/December inter-month spread was unchanged at a contango of 13 cents a tonne by the Asian close.

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