HSFO prices across major bunkering ports have bounced from a two-year low to a their highest in almost five years.
Ship & Bunker's Global 4 Ports Average index for IFO380, which tracks the average bunker price across the four major bunkering ports of Singapore, Rotterdam, Fujairah, and Houston, on August 15 was at a two-year low of $311.50/mt.
On Thursday September 17, a little over a month later, the index hit $505.50/mt, its highest since October 10, 2014.
While last month's low was driven by what was seen as the early arrival of the end of HSFO, a subsequent tightening of supply in several key ports sent prices back up again.
This week's attack on Saudi oil facilities was then the driver for a final dramatic rise.
Highlighting perhaps the greater issue for bunker buyers is how wide the HSFO price spread remains between ports.
In Singapore on Friday, 380 cSt grade was priced at $533/mt, while in Rotterdam the key grade was just $391/mt.