EMEA News
Low Spot Avails at St Petersburg Pushes Up Bunker Prices
Bunker prices at the Russian port of St Petersburg rose last week, breaking the $100 per metric tonne (pmt) mark for the second time this year, with reports suggesting that there was little IFO380 available for the spot market.
Ship & Bunker data shows that St Petersburg closed out the week ending Friday with IFO380 prices up $102.50 pmt, a $14.50 pmt / 16.4 percent increase week-on-week from $88 pmt on February 19.
Market sources quoted Friday by Platts said that it was likely that low supplies and higher prices would last for another week.
Elsewhere, crude oil deliveries being diverted from domestic refineries to export had raised resupply concerns at the port of Novorossiisk.
One Novorossiisk supplier is reported to have said that local refiners currently have little to offer the bunker market in way of supply.
In September, an analysis released by Platts said that declining oil prices, growing port and supplier competition, and a weak ruble could be credited for challenging times at the Russian ports of St.Petersburg and Novorossiysk, where bunker prices slid to six-month lows during August.
