By Srinivas Chowdary Sunkara // petrobazaar // 21st August, 2019.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs demonstrated slight upward correction yesterday. Argus reported that the bunker prices at the port of Istanbul have fallen by around 15 pct in the past month as the regional refiner' approaches to the IMO sulfur cap that come into effect next year. The fall is largely attributable to the lower crude prices and purchasing bunker fuel on the sport market during peak summer season by cruise ship owners. Argus also reported that the Istanbul Marine gasoil (MGO) prices rose sharply on lower Russian export.
In Singapore, IFO 180 cSt and 380 cSt graded fuel oil futures prices closed up insignificantly during the yesterday's session. Both 180 cSt and 380 cSt grade fuel oil prices rose $1 to $382.5 and $352.5 respectively while MGO and MGOLS futures prices are remained flat. Meanwhile the world crude oil prices steadied as the optimism surrounded the market with softening of trade war fears, Hope of stimulus measures from major economies to counteract slowing growth and equity rally.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
