World News
Week Begins with Double-Digit Drops Around the Globe
Global bunker prices tumbled in almost every port on Monday, with double-digit drops in the world's biggest bunkering locations, Ship & Bunker data shows.
Singapore IFO380 shed $19.50 from Friday's $609.00 per metric tonne (pmt), making it a $60.50 drop on the week to $589.50, with distillates falling $16.00 to $837.00 and $18.50 to $843.50 for MDO and MGO respectively.
Hong Kong was another big mover in Asia, dropping $15 to $616.00 for 380 cSt product and shedding $24 from last Friday's MDO price of 878.50 to finish at $854.50 for the day.
Europe saw big drops for Rotterdam, Gothenburg, and Gibraltar, whose IFO380 prices dropped $29.50 to $558.50, $30.00 to $585.00, and $29.00 to $604.00 respectively.
Piraeus was one of the few ports to see relatively small losses, with IFO380 down $3.00 to $619.00, whilst distillate prices in Durban and Suez firmed.
Houston continued its downward journey with IFO380 falling $17 to $577.00 for the day, making it a third consecutive market day of double-digit losses amid reports of poor demand across the Gulf.
Further North, New York IFO380 stood at $593.00 pmt losing $16.50 from Friday's price of $609.50, while on the other coast Canada's Vancouver shaved a relatively conservative $6.50 from Friday's $647.00 dropping to $640.50.
Crude was one of the few gains of the day reversing 3 days of losses to bounce back, albeit gently, from Friday's $83.23, WTI closing up $0.75 to $83.98 for the day.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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