World News
Australian Strike May Prompt Surge in LNG Bunker Prices
A strike at key gas export facilities in Australia may prompt a surge in LNG bunker prices.
Workers at Woodside Energy Group and Chevron's LNG facilities in Australia voted to strike on Wednesday, news agency Reuters reported. The facilities are responsible for about 11% of global LNG exports.
The front-month gas price at the Dutch Title Transfer Facility hub jumped by almost 40%, according to CNBC.
Europe's gas market has become increasingly dependent on imports from further afield after the war in Ukraine prompted a reduction in imports from Russia.
LNG bunker prices in Northwest Europe have been on a significant downward trend since surging last year after the outbreak of war.
LNG priced in fuel oil terms at Rotterdam stood at $522/mt on Monday, according to Ship & Bunker data, down by 85.7% since last year's record high of $3,660/mt seen in August 2022.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
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Oct 02The new hire was previously managing director of bunker trading firm Sing Fuels from March 2018 to this month. -
Oct 03The new hire was previously managing partner of Island Gulf Energy in Dubai from July 2016 to last month. -
Oct 02The new hire was previously a bunker trader for marine fuel trading firm Pacific Bunkers in Singapore from July 2012 to last month.