By Srinivas Chowdary Sunkara // petrobazaar // 30th June 2020.
The Bunker Price Index consist of a range of prices for 380 HSFO, MDO and MGO(Gasoil) in the main world hubs trading steady across the major world ports. In Singapore, HSFO 380 cSt prices traded at $233 while MDO and MGO price indexes are at $312 and $355 respectively. Following the international market trends, We expect that the fuel oil prices may revise up for the first half of July in India. Meantime, The world crude oil price indexes demonstrated downward evolution followed by fading optimism over the fuel demand recovery amid prospectus of second wave of corona virus cases that would result in U.S crude and gasoline stocks up.
FUEL OIL NEWS
Platts reported that China exported 1.14 million mt of fuel oil in May, up 29.2% year on year but down 22% from April as per the data shown by General Administration of Customs showed on June 29. All the fuel oil that exported routed through bonded trade to enable to supply as bonded bunker fuel at Chinese ports for vessels plying international routes. Meanwhile China imported 1.56 million mt of fuel oil in May, up 14.4% year on year. 4.689 Mt were imported under general trade route, which flowed into the domestic market, while the rest were under the bonded trade route meant for the bonded bunkering or cargo re-export market. China has significantly lifted low sulfur fuel oil supplies form domestic producers for bonded bunkering at it ports since Feb. China also produced about 2.12 million mt of LSFO bunker fuel during the same period last year as reported by platts.
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