By Srinivas Chowdary Sunkara // petrobazaar // 12th July, 2019.
Fuel oil prices spiked in Singapore market yesterday. Both the 180 cSt and 380 cSt graded fuel oil prices surged $45.5 to $538.5 and $508.5 respectively while MGO prices climbed $25 to $621.5 yesterday. The global crude oil futures are trading up on Atlantic hurricane threat and Middle east tensions.
IMO 2020 News
Analysts are in the opinion that the Marine fuels will see higher pricing as the ship owners and fuel sellers are stocking up in a run to IMO 2020 sulphur cap. The pressure is expected to pile up on distillates as they are the main source of fuel to adhere the complaint rule. Vienna listed oil and gas company OMV has developed a very low sulfur fuel oil (VLSFO) with 0.5% sulfur content in line with the marine fuel standard. The company will continue to supply marine customers with marine gasoil and high sulfur fuel oil for vessels with scrubbers.
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