Tampa:
Softening sentiment reported from a number of international markets could lead to lower pricing in the second quarter Tampa molten sulfur contract, players said. With values at both China and Vancouver reportedly falling during the week, some expected the Tampa contract to fall $10-$15/lt from the first-quarter $130/lt CFR contract.
Refinery utilization in the US ticked higher for the week ending March 17, the Energy Information Administration (EIA) reported. Refineries operated at a combined 88.6% capacity for the period, a 0.4 percentage point increase from 88.2% reported one week earlier. The rate tracked behind the year-ago 91.1%, but remained ahead of the industry’s 87.5% five-year average.
Despite the higher utilization rate, daily crude inputs edged downward, the EIA noted. Inputs slipped to an average 15.376 million barrels/d, a 22,000 barrel/d decrease from the week-ago 15.398 million barrels/d.
US Gulf:
Recent pricing on sulfur loaded from the US Gulf was heard in a $125-$130/mt FOB range. Price softening in the international markets could drag on the Gulf in the next round of business, players indicated.
Brazil:
Recent business on the Brazil import market was reported in a wide $135-$160/mt CFR range.
Contracts for the first quarter were pegged in a $172-$186/mt CFR range.
Vancouver:
The Vancouver prill market was reported softening to a $105-$115/mt FOB range, off from $120-$125/mt FOB in the prior report. Sources cited lower pricing at China.
Alberta:
Alberta netbacks continued at $15-$60/mt FOB for the week. Molten tons contracted into the US accounted for both the high and low of the range, while netbacks from material sold through the Vancouver export market landed in the middle.
West Coast:
Prilled sulfur tons loading from the West Coast were indicated at $105-$115/mt FOB, down from $120-$125/mt FOB in the previous report.
First-quarter molten sulfur contracts were valued at $125-$135/lt FOB, players said.
China:
Sources reported China import pricing falling into the $130s/mt CFR for the week, down about $10/mt from $140-$150/mt CFR noted previously.
ADNOC:
The Abu Dhabi National Oil Co. (ADNOC) price for March was posted at $134/mt FOB Ruwais, up from $127/mt FOB in February. Achievable prices were rumored closer to $120/mt CFR, however, while some expected softer sentiment from China to pressure values to $100/mt FOB or lower in the next round of business.
Qatar:
Muntajat postings for March were heard at $133/mt FOB Ras Laffan. Lower pricing is expected in April.