Global VLSFO prices are declining after a strong rise over the summer. Image Credit: Ship & Bunker
Bunker fuel prices sank at most ports on Tuesday, with global average VLSFO prices dropping to the lowest level in almost three weeks.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports fell by $8.50/mt to $649/mt on Tuesday, reaching the lowest level since August 3. The G20-HSFO Index slipped by $3.50/mt to $585/mt, while the G20-MGO Index declined by $8.50/mt to $950/mt.
ICE Brent crude futures lost $0.43/bl to $84.03/bl on Tuesday.
VLSFO prices at the top ports followed a negative trend. At Singapore prices fell by $11.50/mt to $635.50/mt, at Rotterdam they lost $6.50/mt to $602/mt, at Fujairah they declined by $9.50/mt to $630.50/mt, and at Houston they dropped by $5/mt to $629/mt.
On Wednesday morning Brent crude futures were trading down by $0.50/bl at $83.53/bl as of 9:32 AM in London. In metric tonne terms that would be equivalent to a $3.77/mt fall in bunker prices.