EMEA News
Greek Debt Woes Push Rotterdam IFO380 Prices Under $300/mt
IFO380 prices in Rotterdam Wednesday hit a three month low as concerns over the Greek financial crisis and a falling Euro pushed prices under $300 per metric tonne (pmt), according to Ship & Bunker data.
"The market is bearish because of Greece and dollar to euro forex," a source told Platts.
The product hit its low of $241.50 pmt for 2015 on January 22, and a year-to-date spread of $120.50 put prices as high as $362.00 pmt on May 7.
However some suppliers were said to be unwilling to sell 380 cSt product for less than $300 pmt, suggesting at least some players were expecting a swift rebound for prices.
Ship & Bunker reported yesterday that Greece's financial woes have also caused up to a fifth of the country's shipping fleet to be stranded in domestic ports as capital controls have prevented some shippers from buying fuel.
