:: Bunkering --- ID :: 16461
Bunkering News // 8-8-2019
Fuel Oil (F.O) Singapore futures slumped

By Srinivas Chowdary Sunkara // petrobazaar // 8th August, 2019.

The World Bunker Index consist of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) continued to dive yesterday. In Singapore, Both the 180 cSt and 380 cSt Fuel oil (F.O) futures prices plunged $30 or 7% to $398 and $368 while MGO and MGO(LS) futures prices shed $5 and $5.5 to close at $560 and $567.5 during the last session. The world crude benchmark indexes plummeted around 5% after EIA reported surprise build in US inventories as against the analysts prediction of drawings. Demand worries continue to exist across the market.

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Paul Hardy from NSI said that bunker buyers should not worry as much about VLSFO avails in Singapore or other major ports. He said that the supply risk will be a factor in the minor ports while the real risk in Singapore is logistics and specifications. The other key risk is that of pricing which can be managed by contracting against a liquid and tradeable index, Other wise one can wait until the 0.50% indexes become tradeable, Advised not to pay large premium.

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courtesy:ship&bunker