By Srinivas Chowdary Sunkara // petrobazaar // 29th August 2021.
The Bunker Price Index consist of a range of prices for 380 HSFO, MDO and MGO(Gasoil) in the main world hubs traded up across the major world ports during the week. In Singapore, HSFO 380 cSt prices advanced $48 or 11.87 pct to close at $435.25 on Friday. MDO prices spiked $40.25 or 8% to $531 while MGOLS prices demonstrated upside momentum of $40.2 or 7.38% at $570.45 during the week.
FUEL OIL PRICE TRENDS
As per data from Singapore enterprises, Fuel oil stocks dropped by 4% to their lowest levels since late February 2021 on the week to the 25th Aug, Reaching a six month low of 21.1Mb with a lead time of seven to nine days for VLSFO and HSFO supplies while LSMGO continues to be more readily available at four to five days ahead. Typhoon disrupted bunkering operations in South Korea and West Japanese ports. Barge availability has tightened significantly in the country's Western Ports with earliest date now being 10 days away. Bunker Fuel availability recently improved in Tokyo Bay with all three grades being readily available with lead time dropped to 4 to 5 days for HSFO, VLSFO and LSMGO compared with 7 to 8 days in July. Petroleum association of Japan showed that the country did not import any fuel oil on the week to the 21st Aug. The Mei Shan terminal of Ningbo Xueshan reopened on Wednesday after It closed down due COVID case two weeks ago. Bunkering operations still not allowed in Xueshan. HSFO and VLSFO remain in tight supply while LSMGO is the only fuel grade available in the Chinese port at the moment. According to the data, High sulfur fuel oil has tightened in Gibraltar strait port this week as there is not enough product available in the market .
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