India Buys First Sept Fuel Oil Cargo From Glencore

IOC tendered, a week ago, to buy the 25,000 tonnes of 3.5 per cent sulphur 180 centistoke fuel oil cargo for delivery September 11-15 to Goa/Kandla on west coast. The tender closed August 29 with offers valid for one day.

IOC issued two other tenders later in the week for two cargoes for September 16-20 delivery to Goa/Kandla and Vizag/Haldia on the east coast which closes September 5 and for one cargo for delivery between September 25-29 to Goa/Kandla which closes September 6.

IOC's last fuel oil purchase was for only 14,000 tonnes for August 18-20 delivery to Mangalore/Goa on the west coast at $139 per tonne, also from Glencore.

 

Traders said India's demand has resurfaced possibly due to the scheduled maintenance shutdown of IOC's 160,000 barrel-per-day Mathura refinery from September 3-30.