By Srinivas Chowdary Sunkara // petrobazaar // 24th January 2021.
The Bunker Price Index consist of a range of prices for 380 HSFO, MDO and MGO(Gasoil) in the main world hubs plunged across the major world ports. In Singapore, HSFO 380 cSt prices slumped $27.25 or 6.69% to close at $337.25 MDO price slipped $34 or 6.62 pct while MGO price indexes showed a downward evolution of $39 or 6.9 %. In India, Furnace oil prices are trended to go down for the first half of Sep, 2021.
FUEL OIL PRICE MOVEMENTS
Global bunker prices plunged to monthly lows last week following a sharp drop in Brent crude. Fujairah and Singapore saw their VLSFO dropping below $500 per Mt. Lead time for low sulfur fuels have gone up in Fujairah. HSFO still tight with lead time stretching to eight days. Both HSFO and VLSFO remain tight for prompt days in the bunkering hub for another week while LSMGO continuous to be more readily available, around seven to nine days of lead time are recommended for VLSFO and HSFO. Singapore's middle distillate stocks dropped by half a million barrels on the week to their lowest levels since early Jan, 2020. Chinese bought of Xue Shan is facing a supply shortage of both HSFO and VLSFO this week, With the low sulfur fuel grade being tight with most suppliers. replenishment of VLSFO is expected from next week, while HSFO will be available again toward the end of the month. LSMGO is the only fuel grade currently being offered in the port and in good availability.
Good day to all
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