World News
Busan Bunker Sales Expected to Drop Amid Run Cuts, Tight Supply
Bunker supply in South Korea looks to remain tight until at least next month following strong November demand and refinery run cuts, industry sources have told Platts.
S-Oil was said to be the only firm able to supply spot customers today, but only for December 5 loading.
The country's three other refiners, GS Caltex, Hyundai Oilbank and SK Energy, are all facing supply tightness, with one source saying that they "don't have any barrels to sell."
"South Korean refiners are cutting their run rates by around 10%; normally their run rates are 95-100%," another refining source was quoted as saying.
Despite the strong demand, sources said as a result they expected to see a fall in overall bunker sales for November, down from around 700,000 metric tonnes (mt) to around 600,000 mt.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Busan |
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|||
| Singapore | 511.00 | 6.50 | 590.50 | 2.00 |
| Rotterdam | 451.00 | 7.00 | 597.00 | 8.00 |
| Houston | 450.50 | 4.50 | 602.50 | 14.50 |
| Fujairah | 498.00 | 3.50 | 710.00 | 3.00 |
| Global 20 Ports Average | 526.00 | 6.50 | 700.50 | 6.50 |
| Global 4 Ports Average | 477.50 | 5.50 | 625.00 | 6.00 |
| Global Average Bunker Price | 564.50 | 3.50 | 747.50 | 2.00 |
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