SINGAPORE, Sept 12 (Reuters) – Pakistan State Oil bought a total of 1.275 million tonnes of fuel oil for delivery over October to December, with monthly volumes about 15 percent higher than the previous quarter on expectation of higher winter demand, said sources familiar with the matter.
PSO bought a total of fifteen 65,000 tonne high-sulphur fuel oil (HSFO) cargoes, comprising five with viscosities of 180-centistoke and the remaining 10 of 125-cst.
The 180-cst cargoes were bought at premiums up to 3 percent higher than the last tender, ranging from $28.22 to $31.25 a tonne above spot Middle East quotes, while the 125-cst cargoes were bought at $32.22-38 a tonne above spot Middle East quotes.
Sellers included Vitol, Bakri Energy and PetroChina.
PSO typically only buys the 125-cst grade during winter, traders said.
A lower viscosity fuel grade can flow better at lower temperatures.
PSO also bought five 60,000 tonne low-sulphur fuel oil cargoes at premiums ranging from $80.98 to $85.48 a tonne above Middle East spot quotes.
Sellers included BB Energy and Nimex Petroleum.