By Srinivas Chowdary Sunkara // petrobazaar // 4th June, 2019.
Fuel Oil (F.O) futures prices in Singapore market traded lower amid slump in oil and financial markets. Both the 180 cSt and 380 cSt graded fuel oil prices shrank further by $12, Continuing previous session's losses to $412.5 and $390.5 respectively. MGO prices have fallen by $27 to $550.5 yesterday. The global crude futures prices are slumped further, Deepened earlier losses due to weak fundamentals around.
Turning to IMO-2020 news, Petrobras is shifting its bunker supply offering to lower viscosity fuels in the port of Santos from June as part of its preparations for IMO-2020. The refiner will be running tests to prepare for upcoming global 0.5% sulfur cap on marine fuel. The new IMO-2020 rule comes into force from January 1st, 2020.
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IMO news courtesy:ship&bunker