Singapore bunker prices were lower on Thursday, despite higher 380-cst fuel oil cargo values. Prices for 380-centistoke (cst) bunker fuel were pegged at $245-$247 a tonne, unchanged from the previous day, on heavy demand. The differential to cargo values turned negative again, falling to minus $2.13 a tonne, down from a premium of 25 cents on Wednesday.
"The market has corrected itself. It has been a discount market for the last two weeks but the volatility in cargo values made it appear positive yesterday," a Singapore-based supplier said.
"Even majors were selling at $247-$248 a tonne and that's a good dollar below cargo values. Most independents were offering at around $244 and even then, they were not getting much of a sniff."