Tampa:
First-quarter contracts for molten sulfur delivered to Tampa were valued at $130/lt CFR, up $40/lt from $90/lt in the fourth quarter.
Operable refining capacity jumped for the week ending Feb. 3, the US Energy Information Administration (EIA) reported. Capacity utilization was tabbed at 87.9% for the period, a 2.2-point increase from 85.7% noted previously. The current-week rate tracked below the year-ago 88.2%, while pulling ahead of the industry’s 87.6% five-year average.
Daily crude inputs also improved, moving above the 15 million barrel/d mark for the first time since the week ending Dec. 23, 2022. The EIA reported throughput at an average 15.410 million barrels/d for the period, a 449,000 barrel/d jump from 14.961 million barrels/d noted one week earlier.
US Gulf:
Valero shut a sulfur recovery unit (SRU) at its Houston, Texas, refinery on Feb. 5, Genscape reported. A 50,000 barrel/d hydrocracker and 14,000 barrel/d hydrotreater went offline on Feb. 4, while a 95,000 barrel/d crude distillation unit and an associated 38,000 barrel/d vacuum distillation unit were taken offline on Jan. 28, reportedly for planned maintenance.
Sources continued to note last-done US Gulf pricing at $120/mt FOB, unmoved from the prior report. Players were divided on the market’s next move. Bears predicted additional price softening in the short-term, while others saw the quiet week as a sign that international markets were approaching a bottom.
US Imports:
July-December sulfur imports softened 13.7% year-over-year, to 1.42 million st from 1.65 million st. December imports were up 13.1%, however, rising to 259,556 st from the year-ago 229,462 st.
US Exports:
Sulfur exports softened 31.9% in December, to 144,469 st from the prior-year 212,007 st. Exports were counted at 1.08 million st for July-December, however, 30.2% above the year-ago 828,748 st.
Brazil:
Last-done spot imports continued to be heard at $145/mt CFR, steady from the prior report. Some reported talks for new business in a $130-$140/mt CFR range.
First-quarter contract tons were understood to fall in a $172-$186/mt CFR range, above $119-$138/mt CFR in the fourth quarter.
Vancouver:
Solid sulfur tons loading from Vancouver were valued at $110-$115/mt FOB, unmoved from one week earlier.
Alberta:
Netbacks on molten and solid tons sold from Alberta continued to be indicated at $15-$60/mt FOB.
West Coast:
The Phillips 66 refinery at Wilmington, Calif., restarted an SRU a on the morning of Feb. 3, Genscape reported. The unit had been offline since Nov. 7. The facility’s second SRU, online at the time of the restart, was subsequently shut on Feb. 7. Phillips has historically run just one SRU at a time in Wilmington.
Indications on prilled sulfur cargoes loading from the West Coast were flat at $110-$115/mt FOB.
First-quarter molten sulfur contracts were reported in a $125-$135/lt FOB range, rising from $75-$79/lt FOB in the prior period.
China:
With no new business reported on the week’s China spot import market, pricing continued at the week-ago $130-$140/mt CFR level.
ADNOC:
Abu Dhabi National Oil Co. (ADNOC) offers for February were noted at $127/mt FOB Ruwais, a $33/mt decrease from $160/mt FOB in January.
Qatar:
Solid sulfur loading from Qatar fell to $124/mt FOB Ras Laffan in February, sources said, down $31/mt from $155/mt FOB recorded for January.