By Srinivas Chowdary Sunkara // petrobazaar // 28th Sep, 2019.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs closed the week lower after two sessions of upside momentum during the week. Fuel oil futures prices in Singapore market slipped above 5% yesterday. Both the grades of 180 cSt and 380 cSt product prices turned down $28 to $475.5 and $445.5 respectively while MGO prices dropped by $4 to $601.5 on Friday. The world crude oil prices moved down yesterday to close the week lower in line with plunge in equity markets and media reports on Iran claim of US offering removal of sanctions and subsequent denial by US.
Turning to IMO 2020 News, ship and bunker reported that ship owners are looking to use certain heavy sweet crude grades as IMO2020 grade bunker fuel. North Sea Kraken crude grade typically has a sulfur content very close to the 0.5% limit required by upcoming IMO2020 rule. Crude from West Africa, Australia and Brazil also fitting the bill as being low enough in sulfur content to use as IMO2020 grade fuel.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com