World News
Prices for Bunkers and Oil Sink in May
Bunker prices plummeted in May, with Ship & Bunker data showing key grade IFO380 lost an average of almost $90 per metric tonne (pmt) across global indicator ports Singapore, Houston, Rotterdam, and Fujairah.
The markets's highest prices for the month were seen in the first or second day of trading before 12.5% to 14% was shed to see all four ports finish at their lowest for the period on the last day of the month.
Houston saw the biggest drop for its 380 centistoke (cSt) product which fell $99 (14%) from $706.00 pmt to $607.50 pmt and is expected to close below $600 pmt today.
Singapore dropped $91.50 from $718.00 to $626.50 (12.7%) with a peak of $719.50 pmt on May 2nd.
May 2nd was also Rotterdam's top price of $701.50 pmt for IFO380, rising from $692.00 on the 1st and falling $86.50 (12.5%) to $605.50 pmt at the end of the period.
In the Middle East, despite some supply issues, Fujairah followed the trend trimming $82.50 from its $726.50 starting price on the 1st to finish $12.8% down at $644.00 on the month's end.
The price falls faithfully followed U.S. crude futures as WTI dropped $19.63 for the month from $106.16, closing on the 31st at $83.53 per barrel.
Looking ahead to June, bunker buyers putting their faith in prices continuing to shadow crude won't be expecting to see any fuel price hikes in their immediate future as there's little to suggest an immediate reversal of the month's downward trend.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 596.50 | 0.50 | 688.00 | 1.00 |
| Rotterdam | 523.00 | 2.50 | 677.00 | 1.00 |
| Houston | 550.50 | 0.00 | 676.50 | 8.00 |
| Fujairah | 582.00 | 2.50 | 758.50 | 5.50 |
| Global 20 Ports Average | 599.50 | 0.50 | 757.50 | 2.00 |
| Global 4 Ports Average | 563.00 | 1.50 | 700.00 | 4.00 |
| Global Average Bunker Price | 644.50 | 1.50 | 813.50 | 0.50 |
Popular Now More
-
Nov 07The move is because of 'internal differences of opinion', a Sonan Bunkers representative tells Ship & Bunker. -
Nov 06Move is part of a consolidation in its global operations. -
Nov 08Bunker Holding CEO Keld Demant discussed the increased need for due diligence into bunker supply chain stakeholders at the IBIA Annual Convention 2024 in Athens on Wednesday.