By Srinivas Chowdary Sunkara // petrobazaar // 15th August, 2019.
The World Bunker Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO (Gasoil) in the main world hubs demonstrated firm upward correction yesterday. In Singapore, Fuel oil 180 cSt , 380 cSt futures prices edged up $3.5 or 0.92% to $383.5 and $353.5 while MGO and MGOLS futures prices went up $19 to $566.5 and $576.5 from its previous session. The global crude oil price index shed further by around 3% on mounting fears of recession stoked by the global economic worries amplified by trade tariffs followed by drop in Chinese and Europeans industrial output. Piling up of US inventories for the second week in a row also weighed on oil prices.
Ship&Bunker reported that the monthly bunker sales in Singapore in July came in at under 4 million Mt, Which is where they were a year ago. The key 380 cSt fuel oil grade was down by 140,000 mt over the period while sales of low sulfur marine gas oil rose by over 100,000 mt. Sales of 500 cSt fuel oil were also down over the period.
In India, Industrial fuel oil prices are very likely to go up sharply tomorrow for the second half of the August month.
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