World News
Price Reporting Agency Argus Launches 'Non-Russian Diesel' Assessment
Price reporting agency Argus Media has launched a new price assessment for diesel not of Russian origin delivered in Europe in response to ongoing efforts to avoid purchasing the country's energy exports.
The price assessment is for 30,000-60,000 mt diesel cargoes delivered at the ARA hub in Northwest Europe, Argus said in a statement on its website on Tuesday.
The assessment itself is not directly relevant for bunker markets, but its launch may indicate the gradual emergence of a two-tier market for various refined oil products including VLSFO and HSFO, with those voluntarily seeking to avoid oil of Russian origin paying a higher price.
"Although fuel supplied from Russia is not currently sanctioned, many buyers have been reluctant to purchase Russian diesel since Moscow sent its troops into Ukraine on 24 February," Argus said in the statement.
"As a result, non-Russian diesel has been trading at a significant premium to Russian-sourced supplies, and the market has effectively split in two."
A range of companies including Monjasa and AP Moller-Maersk are now refusing to deal in bunkers of Russian-origin.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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