More than 4 million barrels of US Gulf Coast high sulfur fuel oil traded in the S&P Global Platts Market on Close assessment process in May, data showed Tuesday.
A total of 4.365 barrels traded during May in the MOC process, the most traded since February, when 4.86 million barrels traded, the data show.
Trafigura was the most active buyer, purchasing 1.62 million barrels of USGC 3%S fuel oil. Vitol was the next-most active buyer at 1.26 million barrels.
Glencore sold 2.43 million barrels in May, and was the most-active seller. It was the most USGC 3%S fuel oil one company had sold in one month so far in 2016.
Multiple sources said export opportunities to Singapore and parts of Latin America were available for most of May, which accounted for the strong fuel oil demand in the MOC process.
Both Trafigura and Vitol were heard to have fixed ships loading fuel oil to various parts of the Caribbean and Central America.
There were also fixtures sending HSFO to Singapore at the beginning of May. Additional ships were heard fixed for loading at the end of the month, but other sources said they had been put on standby after the arbitrage closed.
