By Srinivas Chowdary Sunkara // petrobazaar // 12th May 2020.
Bunker Price Index consists of a range of prices for 380 HSFO, MDO and MDO(Gasoil) in the main world hubs traded high yesterday across the major world ports. In Singapore, HSFO 380 cSt prices advanced $36.25 to $190 while MDO and MGO prices ticked up $6.75 and $6.75 respectively to $253 and $263 respectively. Meanwhile crude oil benchmark futures boosted by unexpected commitment from Saudi Arabia to deepen production cuts in June to drain the glut in the global market. In fact, it would encourage other producers to comply with agreed or voluntary cuts. Price reporting agency, S&P Global Platts reported that the premium for very low sulfur fuel oil over the local cargoes eased so far this month after the financial troubles affecting oil trader Hin Leong saw the margins jump in April. The premium is expected to be remain stable this week as per Platts.
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