By Srinivas Chowdary Sunkara // petrobazaar // 26th August, 2019.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs changed insignificant and irregular on Friday. In Singapore, IFO 180 cSt and IFO 380 cSt graded fuel oil prices edged up $0.5 and $0.12 at $407 and $377 respectively while MGO and MGOLS futures prices slid by $8.5 at $563 and $573 respectively on Friday. The global crude benchmark index slumped during the last week after China retaliated US tariffs with an announcement of tariffs on US goods including crude oil. Fears of recession prevailed across the market.
Ship & Bunker reported that Analysts are in the opinion that there has been a global slowdown of fuel oil trading activity. HSFO cracks are widening with the IMO 2020 rule looming as the fuel oil stocks falling alongside bunker prices. Market see a de-stocking of HSFO ahead of IMO 2020.
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