Tampa:
Price increases recorded in a number of international markets relative to October were likely to lift Tampa molten sulfur in the first quarter, market watchers agreed.
Some continued to describe expectations of a $70-$80/lt increase from the fourth-quarter’s $90/lt CFR contract, while others, noting recent softening at Brazil, China, and possibly North Africa, softened speculation to a $50-$70/lt increase. One player named $150/lt CFR as a commonly referenced landing spot for updated contracts, a $60/lt rise compared to 4Q levels.
US refining capacity pressed lower for the week ending Dec. 16, according to data compiled by the Energy Information Administration (EIA). Refineries operated at a combined 90.9% of capacity through the period, down 1.3 percentage points from the week-ago 92.2%. The current rate led both the year-ago 89.6% and 88.9% five-year average.
Crude inputs also moved lower, falling below the 16 million barrel/d mark for the first time since Oct. 28. Inputs averaged 15.976 million barrels/d, down 150,000 barrels/d from 16.126 million barrels/d in the prior report.
US Imports:
Sulfur imports for July-October were off 11.7% from the year-ago, to 928,463 st from 1.05 million st. October imports declined 20.0%, to 222,081 st from the prior 277,741 st.
US Exports:
Sulfur exports rose 78.5% in July-October, to 789,049 st from the year-ago 442,052 st. Shipments were noted at 269,339 st for October, up 91.3% from the year-ago 140,776 st.
US Gulf:
Price ideas on sulfur loading from the US Gulf continued to be noted in a $155-$165/mt FOB range, unchanged from one week earlier.
Brazil:
Trading on the Brazil import market was reported softening to $194/mt CFR, falling from $204-$205/mt CFR at last check.
Contracts for sulfur delivered in the fourth quarter were quoted in a $119-$138/mt CFR range.
Vancouver:
Players continued to call the recent Vancouver market in a $160-$170/mt FOB range.
Alberta:
Netbacks on molten and prilled sulfur loading from Alberta were indicated at a wide (-)$25-$100/mt FOB, unchanged from one week earlier.
West Coast:
Solid sulfur loading from the West Coast was indicated at $160-$170/mt FOB, unmoved from the prior report.
Sources reported fourth-quarter molten sulfur contracts at $75-$79/lt FOB, down from $370-$385/lt FOB in the third quarter.
China:
Last-done China spot imports continued to be called $188-$190/mt CFR, steady from the prior report.
ADNOC:
Abu Dhabi National Oil Co. offers for December were noted at $180/mt FOB. Softening values in a number of international markets could push Middle East offers lower in January, some suggested.
Qatar:
Muntajat prills were reportedly posted at $185/mt FOB Ras Laffan, a $36/mt increase from $149/mt FOB in November.
Kuwait:
Kuwait sulfur offers were heard at $183/mt FOB for December lifting.