Tampa:
Recent price
softening reported from international markets such as Brazil and China
suggested lower pricing in the second-quarter Tampa molten contract, sources
said. Speculation centered on a possible $10-$20/lt drop from the contract’s
first-quarter $130/lt CFR value, edging down from week-ago expectations of a
$10-$15/lt drop. Meaningful negotiations had not yet begun on March 30, players
said.
US
refinery utilization moved up for the week ending March 24, according to data
released by the Energy Information Administration (EIA). Operable nationwide
capacity was pegged at 90.3% for the period, up 1.7 percentage points from
88.6% in the prior report. The rate lagged behind the year-ago 92.1% while
beating the 87.0% five-year average.
Daily
crude inputs firmed to an average 15.813 million barrels/d, the EIA reported,
rising 437,000 barrels/d from 15.376 million barrels/d posted previously.
US Gulf:
Last-done pricing out of the US Gulf was unmoved from the week-ago
$125-$130/mt FOB, sources said. Recent softening at Brazil could drag the low
end of the market to $115/mt FOB in the next round of business, players said,
although no new trades were reported at that level on March 30.
Brazil:
Last-done business
into Brazil was reported in a wide $135-$160/mt CFR range. A recent sale to
CMOC was said to set the range’s low side, while players noted trading of
smaller cargoes at the $150-$160/mt CFR level.
First-quarter
contracts were understood to land in the $172-$186/mt CFR range.
Vancouver:
Last-done sulfur exports from Vancouver were heard at $105-$115/mt FOB,
steady from the prior report.
Alberta:
Alberta netbacks continued to be indicated in a $15-$60/mt FOB range for the week. Lower Tampa contract
values expected in the second quarter were likely to pressure netbacks lower in
the short-term.
West Coast:
West
Coast indications were on par with Vancouver in a $105-$115/mt FOB range, unchanged from the previous report.
Molten
sulfur contracts for the first quarter were reported in a $125-$135/lt FOB range.
China:
Recent
import pricing at China continued to be heard in the $130s/mt CFR, steady from
one week earlier.
ADNOC:
Posted prices were reported at $134/mt Ruwais for loading in March.
Softer international pricing was expected to pull April sulfur postings to at
least the low-$120s/mt FOB, sources said, while some anticipated April values
falling to $100/mt FOB or lower.
Qatar:
March pricing from
Muntajat was noted at $133/mt FOB Ras Laffan. Lower values were anticipated in
April.
