EMEA News
Rotterdam Bunker Market Hoping for Bounce from OPEC Decision
The key grade of bunker fuel 380 CST could firm today if bullish comments from the Saudi Arabian oil minister steer the OPEC oil ministers' meeting his way.
Speaking to the press ahead of today's meeting, the Saudi minister talked of extending the current production cuts.
Market sources in Rotterdam said Thursday that a higher bunker price is a strong possibility if the OPEC move to stick to its production cuts holds true. In early trading, however, the market seemed undecided.
"It's been slow on the demand side [in early trading] today with 380 CST bunker fuel hovering under the $350 per metric tonne level," a Rotterdam-based trader told Ship & Bunker.
380 CST, which accounts for the biggest slice of bunker demand in the Amsterdam-Rotterdam-Antwerp market, could settle in the $350-5/mt range in the later trading session once the outcome of the OPEC meeting becomes clear, sources said.
