By Srinivas Chowdary Sunkara // petrobazaar // 18th July, 2022.
BUNKER PRICE TRENDS
Fuel oil 380 cSt prices slumped $46 or 9.38 pct during the week ending 18th July. MDO and MGO prices went down by $40 and $10 respectively during the last week.
FUEL OIL MARKETS
Global VLSFO prices demonstrated upside momentum and held gains more stubbornly than crude oil over the last two months. Bunker grade's premium over Brent stood at near record highs. Crude markets continued to fall on week fundamentals and recession fears roiled over financial markets in turn pressed oil prices. VLSFO's strength is coming off the back of red hot middle distillate markets, Which have also outperformed crude as refineries struggle to replace crude exports. Distillate blending components are key element of VLSFO. Bunker demand showing mixed signals. Singapore's first-half sales were down by 9.3 pct on the year. Fujairah's and Panama's bunker volumes are reportedly higher. In India, Fuel oil or Furnace oil prices were revised down by government oil marketing companies wef 16th July, 2022.
Good day to all.
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