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.
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