World News
Singapore Supply Could Tighten in September
Bunker supply in Singapore could tighten in the second half of September and early October after an explosion on August 15, 2012 at Venezuela's Amuay facility reported to have been caused by a gas leak halted production for a week, Singapore-based fuel oil traders have told Reuters.
Operational activities resumed on Friday, but a trader said that it would take "at least one week to ramp up operations and have products ready for export again."
"This might leave supply tighter for second-half September and early October," they said.
"I'm personally bullish on the market still because I think supply is going to be tighter," commented another Singapore-based fuel oil trader.
Venezuela is reported to be the third-largest exporter of fuel oil to Singapore after the Netherlands and the U.S., with 465,000 tonnes of fuel oil exported into the country in June, and 726,000 tonnes of fuel oil being exported in July.
Amuay, which forms part of the Paraguaná refinery complex, is Venezuela's largest and the world's second largest refinery complex.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 0.00 | 609.00 | 3.00 |
| Rotterdam | 432.00 | 18.00 | 582.50 | 17.00 |
| Houston | 450.00 | 8.00 | 607.00 | 11.00 |
| Fujairah | 476.50 | 6.50 | 699.00 | 4.00 |
| Global 20 Ports Average | 516.00 | 5.00 | 700.00 | 5.50 |
| Global 4 Ports Average | 463.00 | 8.00 | 624.50 | 7.00 |
| Global Average Bunker Price | 562.00 | 2.00 | 738.00 | 3.50 |
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