By Srinivas Chowdary Sunkara // petrobazaar // 3rd June, 2019.
Fuel Oil prices were dropped on Friday, Posting a weekly loss of 1.9% during the last week. Both the 180 cSt and 380 cSt graded fuel oil prices closed $14 down at $424.5 and $392.5 while MGO prices were shrank by $20 at $586. In Singapore, Fuel oil markets were down 7.52% in the month of May. The global benchmark crude futures are trading down pushing the prices down further amid the prevailing on going bearish factors around the markets.
Turning to IMO-2020 news, KPI Bridge Oil is anticipating bunker prices to raise 30-40% as a result of the upcoming IMO-2020 global sulfur cap on marine fuel. As per Ship & Bunker data, The global HSFO will trade at a premium of $160-180/Mt next year. The Drewry Maritime Research expects the average price premium of compliant LSFO over HSFO to be around $240/mt in 2020.
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