Global VLSFO prices have dropped sharply this week. Image Credit: Ship & Bunker
Bunker fuel prices declined at ports around the world on Thursday, with global average VLSFO prices dropping to the lowest level since the end of last year.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports lost $6/mt to $576/mt on Thursday, reaching its lowest level since December 25.
The G20-HSFO Index fell by $0.50/mt to $506.50/mt, while the G20-MGO Index dropped by $2/mt to $773.50/mt.
ICE Brent crude futures jumped by $1.51/bl to $74.04/bl on Thursday.
VLSFO prices at the top four ports followed a negative trend. At Singapore prices fell by $11/mt to $531/mt, at Rotterdam they lost $7/mt to $521.50/mt, at Fujairah they declined by $7.50/mt to $534.50/mt, and at Houston they dropped by $10/mt to $531.50/mt.
On Thursday morning Brent futures were trading down by $0.79/bl from the previous session's close at $73.25/bl as of 10:28 AM in London. In metric tonne terms that would be equivalent to a $5.95/mt fall on the day in bunker prices.
