Tampa:
With much of the domestic US industry focused on setting up 2023 agreements, players noted a quiet market for the week. Fundamental supply/demand conditions were generally seen in a balanced state.
The fourth-quarter Tampa molten sulfur contract was concluded at $90/lt CFR, a $262/lt decline from $352/lt CFR in the third quarter.
Refinery utilization tracked higher for the week ending Nov. 11, according to the US Energy Information Administration (EIA). Combined nationwide capacity firmed to 92.9% for the period, up from the prior week’s 92.1% and above both the year-ago 87.9% and the 87.2% five-year average.
Crude inputs were also noted higher at 16.153 million barrels/d during the week, a 64,000 barrel/d increase from 16.089 million barrels/d posted one week earlier.
US Gulf:
Players quoted recent US Gulf sulfur pricing in the $147-$155/mt FOB range, edging below last week’s $150-$155/mt FOB.
Brazil:
With nothing new reported, the recent Brazil import market continued at $185-$190/mt CFR. Fourth-quarter import contracts were quoted in the $119-$138/mt CFR range. Buyers were largely said to forgo longer-term supply agreements in the third quarter due to extreme market volatility.
Vancouver:
Vancouver prill cargoes were reported firming to $150-$160/mt FOB on the back of rising values at China. The market was previously observed at $145-$150/mt FOB.
Alberta:
Alberta sulfur indications firmed to (-)25-$90/mt FOB, up from (-)25-$80/mt FOB at last report.
West Coast:
West Coast prill market indications followed Vancouver up to $150-$160/mt FOB, above last week’s $145-$150/mt FOB range. Sources reported fourth-quarter contracts for molten tons loading from West Coast locations in the $75-$79/lt FOB range, below $370-$385/lt FOB in the third quarter.
China:
Refinery output at China averaged 13.80 million barrels/d for October, according to data compiled by the National Bureau of Statistics (NBS) and reported by Reuters, down slightly from 13.82 million barrels/d logged in September.
The NBS noted average throughput at 13.35 million barrels/d through the first 10 months of 2022, a 4.5% drop compared to last year. The decline was attributed to reduced production in response to COVID-related lockdowns occurring in the January-August 2022 period.
Players reported the China import sulfur market firming to $190-$195/mt CFR in recent trading, an increase from $180-$185/mt CFR in the prior report. Offers for the next round of business were noted lifting to $200-$220/mt CFR during the week.
ADNOC:
Solid sulfur offers from the Abu Dhabi National Oil Co. were heard at $140/mt FOB Ruwais for loading in November. October pricing was reported at $103/mt FOB, a $37/mt difference.
Qatar:
Muntajat prill offers for November were noted at $149/mt FOB Ras Laffan, up $45/mt from $104/mt FOB in the prior month.