By Srinivas Chowdary Sunkara // petrobazaar // 06-08-2019
The World Bunker Index consist of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) continued to force downward adjustment yesterday. In Singapore, 180 cSt and 380 cSt graded fuel oil futures prices slipped by $5 to $446.5 and $416.5 respectively while MGO and MGO(LS) futures prices dropped by $5 to $577.5 and $587.5 yesterday. The world oil prices plummeted by above 2% on renewed global growth concerns stoked by fresh trade war threaten on China by U.S. Analysts are in the opinion that the bunker price index may demonstrate firm downward evolution today.
CHINA TO FOCUS ON LOW SULPHUR BUNKER FUEL OIL MARKET
ship&bunker reported that the China aims to launch a bonded low-sulphur bunker fuel oil contract that will allow foreign investors to participate in trading by the end of 2019. Shanghai futures exchange said in a statement that the Bunker fuel markets will see bigger opportunities and challenges in 2020. China may reverse the current situation of fully relying on imports on high-sulphur bunker fuel oil and become the world's biggest low-sulphur heavy bunker fuel oil supply center.
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