Asia/Pacific News
Singapore HSFO Price Drops to 17-Month Low
Friday October 21, 2022
Delivered HSFO prices in Singapore, the world's largest bunkering hub, have dropped to the lowest level in 17 months this week.
Singapore's HSFO price reached $371.50/mt on Monday, according to Ship & Bunker prices, the lowest level since May 21, 2021. The price subsequently rallied and reached $388.50/mt on Thursday.
Singapore's HSFO discount versus Ship & Bunker's G20 Index of average bunker prices at 20 leading bunkering locations widened to $99.50/mt on Monday, the most since July 25.
HSFO prices in Asia are dropping sharply on the expectation that more Russian fuel oil will end up there towards the end of this year as the EU seeks to eliminate Russian oil imports.
