By Srinivas Chowdary Sunkara // petrobazaar // 25th June, 2019.
Fuel oil (F.O) markets are trading bullish. Both 180 cSt and 380 cSt graded fuel oil prices went up $11 to $436.5 and $404.5 respectively while MGO prices boosted up by $20 at $591.5 yesterday in Singapore market. The global crude bench mark futures closed mix yesterday after the concerns over possible attacks on a Middle east nation are eased. Weak manufacturing data from Federal Reserve bank of Dallas also weighed on oil prices.
Mr.Adrian Tolson, Director, 2020 Marine Energy says that Bunker traders are set to make a big comeback in 2020 to fill the multi-billion dollar credit hole to be created by the new sulfur rules. While talking to the delegates gathered at the recent 16th Annual Bunker and Residual Fuel Conference in Houston, Mr.Tolson estimated that $4 billion per month of additional credit on 30 day terms is needed by the industry. The bunker trader will become the most significant final seller to the ship owner, It is the Majors/Refiners that will physically supply the most fuel.
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IMO news courtesy:ship&bunker