By Srinivas Chowdary Sunkara // petrobazaar // 21st April 2020.
The Bunker Price Index consist of range of prices for HSFO, VLSFO, MDO and MGO turned down across the world major ports yesterday. Fuel oil futures prices for 380 cSt and MGO traded down in Singapore market. Fuel oil 380 cSt futures prices dropped by $15.25 or 8% to $174.5 while MDO and MGO futures prices remained unchanged in Singapore market. Meanwhile the world crude oil prices indexes turned volatile and WTI May contract prices turned negative during the mid night trading yesterday which was meant that oil producers are paying buyers to take the position off their hand due to storage issue. Analysts are in the opinion that what is happening with WTI oil does not represent the world oil markets. Yesterday's spurt was due to USA specific uncertainty with in the country. Ship&Bunker's G4 Index that takes the average bunker prices across Singapore, Fujairah, Rotterdam and Houston, Indicated the average VLSFO price Thursday fell to $235.5/Mt alongside the continuing decline in the crude oil price.
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