欧洲燃料油市场紧缩中东需求复苏

中国石化新闻网讯 据伦敦普氏能源资讯7月3日消息，伦敦——欧洲高硫燃料油市场在第二季度的大部分时间里趋于紧张，因为中东夏季发电需求从该地区抽走了原料，而供应受到季节性炼油厂维护的限制。尽管从欧洲西北部到新加坡，5月、6月和7月的比赛名单很薄，但预计这种情况将持续到第三季度。

交易商表示，目前中东地区(主要是沙特阿拉伯)在5月和6月分别从欧洲吸引了约150万公吨，以满足该地区夏季空调需求激增的需求。

此外，由于缺乏刀具库存(用于降低高粘度燃料油的粘度，以生产可销售的RMG 380 CST燃料油)，市场从2018年第一季度供过于求的状态中收紧。

尽管中东需求将在夏季持续强劲，但欧洲的供应状况可能会发生变化，从黑海流入地中海的额外货运量将会增加。这主要是因为炼油厂在季节性维修后开始优化运营，预计第三季度也会有西班牙、意大利和土耳其的轻型车。

PJK Consulting的数据显示，有一些迹象表明，第二季度末市场将持续更长时间。截至6月27日，阿姆斯特丹-鹿特丹-安特卫普枢纽的燃料油库存升至创纪录的161.4万吨。交易员们表示，由于新南威尔士州和新加坡VLCC设备的停产，股市出现了上涨，但7月份的套利交易看起来更有希望，截至6月29日，有66万吨HSFO将从鹿特丹运往新加坡。

胡晶晶摘译自普氏能源资讯

原文如下

The European high sulfur fuel oil market was balanced to tight for much of the second quarter as summer power generation demand from the Middle East pulled material out of the region, while supplies were limited by seasonal refinery maintenance. The situation is expected to persist into Q3, despite the thin fixture list seen from Northwest Europe to Singapore for May, June and July.

Register Now The Middle East, principally Saudi Arabia, drew around 1.5 million mt from Europe in May and a similar amount in June, to meet the surge in air-conditioning demand in the region during the summer months, traders said.

This, coupled with a lack of cutterstocks -- which are used to blend down the viscosity in high viscosity fuel oil to produce merchantable RMG 380 CST bunker fuel -- tightened the market from the oversupplied state that characterized Q1 2018.

While Middle Eastern demand is set to remain strong through the summer months, the supply picture in Europe looks likely to shift, with extra cargo volumes set to flow from the Black Sea into the Mediterranean. This is primarily due to refineries starting to optimize their runs as they come back online following seasonal maintenance, with Handysize cargoes also expected from Spain, Italy and Turkey in Q3.

There was some evidence of a longer market at the end of the quarter, with the news that fuel oil stocks in the Amsterdam-Rotterdam-Antwerp hub rose to a record high of 1,614,000 mt as of June 27, according to data from PJK Consulting. According to traders, there was a build-up in stocks due to a lull in NWE-Singapore VLCC fixtures, but the arbitrage was looking more promising for July, with 660,000 mt of HSFO fixed to go from Rotterdam to Singapore as of June 29.