Asia Fuel Oil-Cash up as Japan seen stocking up

SINGAPORE, Sept 21 (Reuters) - Asia's fuel oil market extended gains on
Friday, with cash differentials for 180-censtistoke (cst) and 380-cst climbing
to their highest in a week amid hopes of a demand recovery.
The 180-cst differential inched up 30 cents to a premium of $2.40 a tonne
above Singapore spot quotes, while the 380-cst differential climbed $1.10 to
$2.05 a tonne above Singapore spot quotes, Reuters assessment showed.
Japanese utilities were heard to be stocking up as demand for power
generation increased, industry sources said.
Pakistan in August imported 1.088 million tonnes of fuel oil, 82 percent
higher than July, as a weak monsoon increased its reliance on oil-based power
generation plants, data by the Oil Companies Advisory Committee showed.
However, traders said that higher supplies coming into the region may weigh
on sentiment. Western arbitrage inflows for October are expected to he high, and
with a more workable arbitrage economics, more cargoes may be heading east.
The East-West spread widened by 25 cents to $38.50 a tonne, according to
Reuters data.
More inventories are also accumulating in Malaysia, as heavy inflows of
Iranian fuel oil are parked off the East Malaysia coast.

*TENDERS:
- Indian Oil Corp sold 30,000-35,000 tonnes of 380-cst, for Oct.
6-8 lifting from Chennai, to Unipec at a discount of $10.00-$15.00 a tonne to
the IOC formula, which is the average of Platts and Argus' FOB Singapore
assessments.
- Saudi's ExxonMobil sold 80,000 tonnes of 650-cst, for Oct. 1-3 lifting
from Yanbu, to Bakri at a discount of $28.00-$29.00 a tonne to Singapore spot
quotes.

*CASH DEALS: Three 380-cst trades
- Cargill sold 40,000 tonnes, for Oct. 6-10 loading, to Shell at a premium
of $2.00 a tonne to Singapore spot quotes.
- PetroChina sold 20,000 tonnes, for Oct. 17-21 loading, to Vitol at a
premium of $2.00 a tonne to Singapore spot quotes.
- Vitol bought 20,000 tonnes, for Oct. 17-21 loading, to Brightoil at
$654.00 a tonne, which is equivalent to around $1.20 a tonne to Singapore spot
quotes.

CASH ($/T) ASIA CLOSE Change % Change Prev RIC
Close
Cargo - 180cst 669.60 17.15 2.63 652.45 FO180-SIN
Diff - 180cst 2.40 0.30 14.29 2.10 FO180-SIN-DIF
Cargo - 380cst 655.50 18.00 2.82 637.50 FO380-SIN
Diff - 380cst 2.05 1.10 115.79 0.95 FO380-SIN-DIF
Bunker (Ex-wharf)- 662.00 18.50 2.87 643.50 BK380-B-SIN
380cst
Bunker (Ex-wharf) 6.50 0.50 8.33 6.00
Premium

SWAPS ($/T) ASIA CLOSE Change % Change Prev RIC
(0830 GMT) Close
Brent M1 110.48 2.87 2.67 107.61
180cst M1 667.00 17.00 2.62 650.00
180cst M1/M2 3.88 0.25 6.89 3.63
180cst M2 663.13 16.75 2.59 646.38
Visco M1 13.75 0.00 0.00 13.75
Visco M2 13.63 0.13 0.96 13.50
380cst M1 653.25 17.00 2.67 636.25
380cst M1/M2 3.75 0.37 10.95 3.38
380cst M2 649.50 16.62 2.63 632.88
Cracks 180-Dubai M1 -4.95 -0.11 2.27 -4.84
Cracks 180-Dubai M2 -4.86 -0.12 2.53 -4.74
East-West M1 38.75 0.25 0.65 38.50
East-West M2 38.50 0.00 0.00 38.50
Barges M1 628.25 16.75 2.74 611.50
Barges M1/M2 3.63 0.00 0.00 3.63
Barges M2 624.63 16.75 2.76 607.88
Crack Barges-Brent M1 -14.38 -0.29 2.06 -14.09
Crack Barges-Brent M2 -14.11 -0.15 1.07 -13.96

(Reporting by Lee Yen Nee; Editing by William Hardy)