World News
IMO Effect Leaves Heavy Sweet Crude Trading Near $100/bl: Bloomberg
Increased demand for low-sulfur oil to meet the new demand for 0.50% sulfur bunkers has led to one crude blend trading near $100/bl in price, according to news agency Bloomberg.
"Australia’s Santos Ltd. this week sold a cargo of March-loading Pyrenees, a dense and low-sulfur oil, at a premium of about $31 a barrel over Dated Brent, according to traders who took part in the tender," the agency reported Friday.
"That’s the equivalent to just under $100 a barrel given that the global benchmark is trading at about $65."
Heavy sweet crudes like Pyrenees give a high yield of low-sulfur middle distillates when refined, making them ideal for a refining industry seeking to maximise distillate output as marine demand shifts towards cleaner fuels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.00 | 9.50 | 674.00 | 4.50 |
| Rotterdam | 507.00 | 5.00 | 663.50 | 12.50 |
| Houston | 549.50 | 2.50 | 677.00 | 5.00 |
| Fujairah | 548.50 | 7.00 | 748.50 | 4.50 |
| Global 20 Ports Average | 580.00 | 3.50 | 761.00 | 1.50 |
| Global 4 Ports Average | 540.00 | 6.50 | 691.00 | 6.50 |
| Global Average Bunker Price | 625.50 | 7.00 | 809.50 | 1.50 |
Popular Now More
-
Nov 27The company is looking for candidates with shipping industry experience and strong negotiation skills. -
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 26The company has hired Mike Parrent, formerly marketing manager for Bomin before its acquisition by Minerva Bunkering earlier this year, as its new physical desk manager in Houston.