EMEA News
Market Sources: Demand Boost Puts Pressure on Avails at St Petersburg
Market sources say bunker avails at the Port of St Petersburg have tightened on increased demand, providing support to prices, Platts reports.
According to Ship & Bunker data, price indications for IFO 380 Friday hit 197 per metric tonne, a gain of $31 over the previous two weeks.
"There isn't quite the supply to meet the demand," said one St Petersburg-based bunker supplier.
The news comes following a below-average month in September, indicating that the market could be returning an expected level of demand.
"Demand is big these days, in all ports both in the Baltic and Black sea," said a St Petersburg-based trader.
Rising crude prices resulting from a proposed OPEC production freeze is said to be one reason for the firmer market conditions.
