Asia/Pacific News
Singapore Q3 380 CST Bunker Deals Close Lower Than Q2
Singapore bunker suppliers have concluded third quarter 380 CST deals lower than Q2, Platts reports.
For the third quarter, term contracts for Singapore 380 CST bunker fuel have reportedly been concluded between a discount of $1 per metric tonne (pmt) to a premium of $3 pmt to Mean of Platts Singapore (MOPS) 380 CST high sulfur fuel oil assessments on an ex-wharf basis.
Q2 contracts were said to have been concluded at premiums at $3-$4 pmt.
Premiums or discounts for physical bunker fuel are the prices buyers are willing to pay over or under published benchmark values.
Market sentiment was said to have weakened after a period of strong cargo demand in June, while bunker fuel buyers expected to drop after an influx of imports last month, which nearly tripled in the week to June 10.
For July, 4.5 million mt of Asia's total 5.5 million mt of supply is expected to to arrive in Singapore.
Traders have said that about half of the volume heading to Singapore is expected to be bunker grade product, a quarter will be of a blendable grade, and 750,000 mt will be high viscosity and high density material.
In June, it was reported that Singapore bunker traders were set for a price war due to a flooded fuel oil market.
