EMEA News
St Petersburg Bunker Market Dealing with Tightening Fuel Oil Avails
The Russian port of St Petersburg is said to be dealing with tightened fuel oil availability, with market sources citing cutbacks in domestic fuel oil production as a cause, Platts reports.
While the situation is reported to be a common occurrence at this time of year, and fuel shortages are noted to often appear at the beginning of each month, sources say the current domestic reduction in fuel oil production is partly due to an increased focus on the bitumen market.
"It is usual [to see] a lack of product for the first week of the month," said one trader.
According to market sources, most MGO supplies are currently in the possession of major market participants, leaving less available to smaller players.
Ship & Bunker data indicates IFO 380 at the port Tuesday was priced at $167 per metric tonne (pmt).
As Ship & Bunker has reported earlier this month, both Hamburg and Rotterdam have also been experiencing seasonal tightness.
