Global VLSFO prices dropped at the start of the week. Image Credit: Ship & Bunker
Bunker fuel prices declined at ports around the world on Monday, with global average VLSFO prices slipping to the lowest level in almost seven weeks.
Ship & Bunker's G20-VLSFO Index of prices across 20 leading bunkering ports lost $5/mt to $591/mt on Monday, reaching its lowest level since January 7.
The G20-HSFO Index fell by $4/mt to $513/mt, while the G20-MGO Index dropped by $6.50/mt to $785/mt.
ICE Brent crude futures rose by $0.35/bl to $74.78/bl on Monday.
VLSFO prices at the top four ports followed a negative trend. At Singapore prices fell by $11.50/mt to $558.50/mt, at Rotterdam they lost $5.50/mt to $535.50/mt, at Fujairah they declined by $9.50/mt to $559/mt, and at Houston they dropped by $7.50/mt to $558.50/mt.
On Tuesday morning Brent futures were trading up by $0.36/bl from the previous session's close at $75.14/bl as of 6:24 AM in London. In metric tonne terms that would be equivalent to a $2.71/mt rise on the day in bunker prices.
