Asian bunker fuel prices rose on Wednesday in tandem with soaring benchmark crude, but demand was thin and few trades were recorded as shipowners stayed away from the market.
Singapore traders pegged 380-centistoke (cst) bunker fuel at $187-189 a tonne, up $5 from Tuesday, while 180-cst was priced $8 a tonne over 380-cst. Marine gas oil was also quoted up $5 on the day at $335 a tonne.
US oil prices set a fresh 13-year high of $40.38 a barrel on Wednesday, despite calls from leading Opec producers for higher output limits.
"Trade is very slow. People are only buying if they absolutely must move a ship," a Seoul-based trader said.
Week-on-week prices changes for South Korean 380-cst bunker fuel oil for loading from Busan showed a $20 rise, with traders pegging Wednesday's quotes at $200-$203 a tonne.
Busan 180-cst was pegged about $13 higher than 380-cst, and both grades were held in ample supply, a trader at a South Korean refiner said.
"There's enough supply of fuel oil, but marine gas oil is tight and prices are definitely going up because premiums to sell gas oil into China are strong. So, even if bunker demand is slow because of high prices, supply is going to get tighter," he said.
Busan marine gas oil was pegged up $17 on the week to $355-$360 a tonne, he said.
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