South Korean refiner S-Oil has settled April 380 CST bunker fuel contracts with traders at a premium of $18/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil cargo assessments, down $3/mt compared with March-delivery cargoes, traders said Wednesday.
The premium declined for the third straight month, with sources attributing this to increasing supplies.
S-Oil is expecting even higher supply of bunker fuel oil in April due to a turnaround at its desulfurization unit, sources said.
The refiner plans to shut the 52,000 b/d No. 1 residue hydro desulfurizing unit at its 669,000 b/d refinery at Onsan over April 1-25 for planned maintenance, Platts reported previously.
The company typically sells around 160,000-200,000 mt/month, market sources have said. In total, suppliers in South Korea sell about 700,000 mt/month of bunker fuel.
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