By Srinivas Chowdary Sunkara // petrobazaar // 2nd Dec 2019.
The Bunker Price Index consist of a range of prices for 180 HSFO, 380 HSFO and MGO(Gasoil) in the main world hubs traded mix on Friday. IFO 180 cSt and 380 cSt graded futures prices settled $7 lower at $345 and $315 respectively while MGO futures prices closed $2 down at $583 on late week. The world crude oil futures prices slumped on Friday to register weekly loss but logged in monthly gains during Nov on expectation of further production cuts from OPEC suppliers.
IMO -2020 NEWS
With the IMO 0.5% sulphur cap due in a month time, 0.5pc fuel oil took over as the best selling marine fuel oil as HSFO demand is rapidly reducing as reported in Argus media. The volumes traded clearly indicated that low-sulphur marine fuel sales outweigh that of HSFO. In Singapore, MGO and 0.5pc fuel oil were 47pc more expensive than HS380 on Nov 22nd and these low to high sulphur fuel premiums were even wider in other global bunkering hubs. Ship owners are just topping up their ship's tanks with enough fuel to reach their next destinations, before the sulphur cap enters into force on 1st January.
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