Tampa:
A mix of low run rates at US refineries and perceived demand increases from phosphate producers led some sources to predict possible near-term tightening in the domestic US sulfur market. For now, however, the market continued to see mostly balanced conditions, players said.
Supply contracts for the first quarter were valued at $130/lt CFR, up $40/lt from the prior period.
US refinery utilization ticked higher for the week ending March 3, the Energy Information Administration (EIA) reported. Refiners ran at 86% of nationwide capacity, up from 85.8% the week before. Rates for the week tracked behind the year-ago 89.3%, while holding above the 83.6% five-year average.
Daily crude inputs fell 12,000 barrels/d for the period, the EIA said. Inputs were tracked at an average 14.967 million barrels/d, below the 14.979 million barrels/d rate reported the week before.
US Gulf:
Gulf sulfur pricing continued to be noted in a $120-$125/mt FOB range, steady from week-ago levels.
Brazil:
Nothing new was heard for the week, leaving recent import levels in a reported $135-$160/mt CFR range.
Contract pricing was understood to fall in a $172-$186/mt CFR range for the first quarter. Sources reported minimal tonnage secured through contracts for 1Q.
Vancouver:
Vancouver values firmed to $120-$125/mt FOB in recent trading, sources said, a $5/mt increase from the week-ago $115-$120/mt FOB.
Alberta:
Alberta sulfur netback indications were flat at $15-$60/mt FOB. The price included both molten tons contracted into the US market and prilled material selling through the Vancouver export market.
West Coast:
West Coast prill indications moved up $5/mt to $120-$125/mt FOB, in line with Vancouver.
Molten contracts loading from refineries on the West Coast were reported in a $125-$135/lt FOB range, above $75-$79/lt FOB in fourth-quarter 2022.
China:
Recent China imports continued to be reported in a $150-$158/mt CFR range, unmoved from one week earlier.
Qatar:
Solid sulfur loading from Qatar was heard at $133/mt FOB Ras Laffan for March, a $9/mt increase from February’s $124/mt FOB posting.