World News
Bunker Prices Continue to Weaken
Global bunker prices continued to weaken on Friday as IFO prices in key bunkering ports cemented their position as the lowest in over three months. The six month picture remains one of rising prices, but that trend is definitely flattening.
Singapore IFO380 dropped for a sixth consecutive market day, down $3.00 to $610.50 per metric tonne (pmt) for a week-on-week loss of $18.00, and down $20.50 for the three months since August 2, 2012. MGO was up $2.00 pmt to $993.50, a week-on-week loss of $0.50.
Hong Kong IFO380 prices have been falling since October 16, 2012, and today was no exception. The price dropped $9.00 to $625.50 for a week-on-week loss of $19.00, $17.00 lower than the price three months ago. MGO slipped $5.50 to $956.50 pmt, down $8.00 since last Friday.
Rotterdam IFO380 was down $2.50 to $593.00 and low sulfur 380 cSt product (LS380) dropped $4.00 to $623.00, putting the premium for the Emissions Control Area (ECA) compliant fuel at $30.00 pmt. Change over the last three months stands at losses of $15.50 and $33.50 for IFO380 and LS380 respectively. MGO in the port was down $10.50 on the day, $23.00 on the week, to $933.50.
Fujairah 380 cSt product is now down $27.50 over the three months, down $19.00 week-on-week, today falling $6.00 to $611.00 pmt amid reports that heavily discounted cash sales of Iranian fuel oil was 'killing the bunker market' there. MGO slipped back $4.50 to $1021.50 pmt after yesterday's brief gain of $1.00, meaning the product is now down $4.00 since last Friday.
Houston IFO380 hasn't been below $600.00 pmt since it was $598.50 on July 17, 2012, but it took another small step towards changing that today moving down $2.00 to $602.50 pmt for a week-on-week loss of $12.00. The product is now $9.00 pmt lower than it was 3 months ago.
LA / Long Beach IFO380 continued to buck the global trend with a gain of $6.50 to $698.00 pmt for a week-on-week gain of $18.00 pmt, up $80.00 over the last three months. Premiums for low sulfur product widened $5.50 to $79.00 after LS380 in the port rose $12.00 to $777.00 pmt.
The WTI spot price dropped $2.23 to $84.86 per barrel, the lowest price since $83.91 on July 10, 2012, while Brent fell $2.49 to $105.68 per barrel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 8.50 | 606.00 | 11.00 |
| Rotterdam | 450.00 | 5.00 | 599.50 | 20.00 |
| Houston | 458.00 | 9.00 | 618.00 | 7.00 |
| Fujairah | 483.00 | 12.00 | 703.00 | 9.50 |
| Global 20 Ports Average | 521.00 | 3.50 | 705.50 | 5.00 |
| Global 4 Ports Average | 471.00 | 8.50 | 631.50 | 12.00 |
| Global Average Bunker Price | 564.00 | 6.50 | 741.50 | 6.00 |
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