By Srinivas Chowdary Sunkara // petrobazaar // 10th Feb 2020.
BUNKER PRICE TREND
The world bunker price index consist of a range of prices for 180 HSFO, 380 HSFO, MDO and MGO(Gasoil) in the main world hubs traded down across the major world ports on Friday. In Singapore, 380 cSt graded fuel oil futures prices traded $5 down at $315 while MGO futures closed $2.01 or 0.37% up at $536.15 and MGO 0.1% LS prices settled $2.01 or .369% up at $546.15 on late week. Meantime the world crude oil benchmark futures prices slumped on Friday and logged fifth straight weekly loss. Price sensitivity to corona virus news kept the speculators and money mangers stayed away from the market.
IMO-2020 NEWS
HSFO is largely being bought on contract or direct between large buyers and sellers after math of IMO-2020 regulatory implementation. Barge availability became a problematic for sport inquiries as the they are booked for contract deliveries in the large ports. HSFO, VLSFO 0.5%S and LSMGO 0.1%S experienced intense volatility and wide price ranges beginning in the 2H19. The price of HSFO skyrocketed through market tightness during the attacks on Saudi oil infrastructure in Sep, Since then HSFO experienced consistent downward price pressure due to shifting market demand toward low-sulfur fuel. price of VLSFO and LSMGO also rose dramatically during the attack period but remained tightly correlated to crude oil until Dec.
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News courtesy:ship&bunker
