By Srinivas Chowdary Sunkara // petrobazaar // 13th January 2020.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs changed insignificantly in a mixed market on late week. In Singapore market, 180 cSt and 380 cSt graded fuel oil futures prices remained unchanged on Friday to settle at $418 and $388 respectively while MGO futures prices dropped $10 to $709 on Friday. Fuel oil futures in Singapore market registered a weekly gain of $2 or 3.59%. Meanwhile the world crude oil benchmark futures sagged down to post a weekly loss after erasing the gains followed by U.S drone attacks on Iran.
On the event of marine fuel demand shifting to cleaner fuels, Australia's Santos Ltd sold a cargo of March loading Pyrenees, a dense and low-sulfur oil at a premium of about $31 a barrel over dated Brent. This is the equivalent to just under $100 a barrel given that the global benchmark is trading at about $65. Heavy sweet crude like Pyrenees give a high yield of low-sulphur middle distillates when refined, making them ideal for refining industry seeking to maximise distillate output.
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