By Srinivas Chowdary Sunkara // petrobazaar // 9th January 2020.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs rose across the world major ports yesterday. In Singapore market, 180 cSt and 380 cSt graded fuel oil futures prices sagged down to close at $428 and $398 respectively while MGO futures prices gained $3.5 to $742.5 during the yesterday's session. Meanwhile the world crude oil benchmark futures prices were slumped due to over night sell off after U.S-Iran tensions were negated while swelling inventories in U.S trounced analysts expectation of drawings.
In Fujairah, Fuel oil stocks were swelled by 11% in the first week after the IMO's lower marine fuels cap came into effect. According to the data published by S&P Global Platts and the Fujairah Oil Industry Zone, Heavy distillate and residue stocks at the Middle Eastern oil hub climbed to 11.205 Mb while Middle distillate inventories lost 2.1% to 3.644Mb in the week to January 6th. The numbers includes fuel oil for power generation and bunkering.
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imo news courtesy:ship&bunker