Key marine fuel markets along North America’s East and West Coasts opened the week under strong pressure, joining nearly all other downstream segments that were sent reeling by Saudi Arabia’s latest marketshare play.

With the front-month ICE Brent assessment down more than 24.2% Monday at $34.31/b, sharp declines were seen across the board for North American marine fuel markets that had already spent much of the first quarter dealing with declining values on weak demand.

The spot price of IFO 380 in New York fell $40 from Friday to Monday to be assessed at $260/mt ex-wharf. This was its lowest point since November 18, 2016, when the value closed at $258.50/mt ex-wharf, according to S&P Global Platts data.

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A regional source called Monday’s market conditions “crazy” while also saying it was “not a good day” for determining just how low spot values had tumbled.

The wholesale Atlantic Coast price for 3%S fuel oil fell to $25.39/b, down $12.02/b ($76.93/mt) to provide direction for IFO 380 segments up and down the East Coast.

The ex-wharf spot price of MGO in New York fell $20 to $420/mt, its lowest point since being assessed at $416/mt on September 1, 2016, according to Platts data.

Spot value for 0.5%S in New York fell to its lowest point since Platts launched the assessment in July 2019, with pricing down $35 to open the week at $375/mt ex-wharf.

Likewise, spot prices in Norfolk, Virginia, fell for both IFO 380 and MGO in the wake of regional sources last week pointing to pressure from weak demand and upstream sectors.

IFO 380 in Norfolk fell $20 to $375/mt ex-wharf, a low not seen since early September 2019, and the spot price of MGO shed $40 to $450/mt ex-wharf and a low not seen since September 27, 2016, according to Platts data.

Spot values along the West Coast were just as pressured Monday following strong overnight declines in the influential Singapore spot segments.

The Los Angeles spot price of IFO 380 fell $25 to $348.50/mt delivered, matching a low last realized on October 23, 2017, according to Platts data.

Spot MGO prices in Los Angeles also reached a low not seen in more than two years as the assessment shed $30 to $503.50/mt delivered, while the 0.5%S price fell $40 to $435/mt delivered — its lowest point since Platts launched the assessment in July 2019.
Source: Platts