Tampa:
With time running out on December, some
market players reported turning an eye toward the upcoming first quarter Tampa
molten sulfur contract.
International values have increased
significantly since the settlement of the current $90/lt CFR contract, leading
to a general expectation of rising values at Tampa. While some speculated on a
possible $70-$80/lt increase on the 4Q price, softer values reported from both
Brazil and China during the week could mitigate those numbers, others
intimated.
Refinery
utilization move down for the week ending Dec. 9, according to data released by
the US Energy Information Administration (EIA), with US refineries reported
operating at a combined 92.2% of capacity through the period. The current-week
rate was down 3.3 percentage points from the week-ago 95.5%, but remained ahead
of both the year-ago 89.8% and five-year average of 89.4%.
Daily
crude inputs were also lower, moving to an average 16.126 million barrels/d
from the week-ago 16.585 million barrels/d, a 459,000 barrel/d decline.
US Imports:
July-September sulfur
imports were off 8.6%, at 706,382 st compared to the year-ago 773,227 st.
September imports fell 10.3%, to 180,355 st from 201,082 st in the prior year.
US
Exports:
September export totals edged 1.3% higher, to
182,510 st from the prior-year 180,122 st. July-September exports firmed 72.5%
year-over-year, to 519,710 st from 301,276 st.
US Gulf:
ExxonMobil Corp.
successfully restarted the 155,000 barrel/d Pipestill 7 crude distillation unit
at the company’s Baytown, Texas, refinery on the evening of Dec. 13, Genscape
reported. The unit was noted going offline on Nov. 27.
Price ideas on the US Gulf
sulfur market continued to fall in a general $155-$165/mt FOB range, steady
from the prior report.
Brazil:
Players reported new
business at Brazil landing in a $204-$205/mt CFR range for the week, off from
$208-$215/mt CFR noted previously. Players framed the lower prices as
indicative of a broader softening trend in international price sentiment.
“Looks like there’s weakness in the global market now,” said one market player.
Contracts for
fourth-quarter delivery were reported in a $119-$138/mt CFR range.
Vancouver:
Despite lower business reported out of China, sources noted Vancouver
spot values unchanged from week-ago levels in a $160-$170/mt FOB range.
Alberta:
Alberta netbacks continued to be indicated at (-)$25-$100/mt FOB, steady from the previous week. Molten tons
contracted into the US market were noted at the low side of the range, while
prilled material selling internationally through the Vancouver export market
established the top.
West Coast:
Solid sulfur indications were understood to fall at $160-$170/mt FOB
range for West Coast loading, unmoved from the prior report.
West Coast molten
contracts were clocked at $75-$79/lt FOB
for loading in the fourth quarter, below $370-$385/lt FOB in 3Q.
China:
Softer spot values were reported in the China import sulfur market for
the week. Players noted new business coming in a $188-$190/mt CFR range,
falling from the week-ago $200-$205/mt CFR.
ADNOC:
Abu Dhabi National Oil Co. solid sulfur offers for December lifting were
reported at $180/mt FOB Ruwais,
up $40/mt from $140/mt FOB in November.
Qatar:
December prill offers
from Muntajat were called $185/mt FOB
Ras Laffan. November offers were reported at $149/mt FOB, a $36/mt
FOB difference.
Kuwait:
Sulfur loading from Kuwait in December was offered at $183/mt FOB,
sources said.
