Delivered bunker prices at the Turkish port of Istanbul were being supported Thursday by tight product availability that had resulted from poor weather conditions nearby, sources said Thursday morning.
Local physical suppliers at the Turkish port said the tight product availability has stemmed from the fact that resupply cargoes are currently being delayed passing through the Turkish Straits from the Black Sea due to poor weather conditions.
Delays at the Turkish Straits for vessels over 200 meters are currently at 10 days in both directions, according to S&P Global Platts data.
Delivered RMG 380 CST bunker fuel was indicated at $440-$455/mt late Thursday morning, up from Wednesday’s assessment level of $433/mt.
This jump comes despite the fact that the ICE Brent crude futures complex continued to soften this week on oversupply concerns and bearish US stock data.
“Prices are being supported by the poor weather and tightness,” a local supplier said.
Sources at the port said that not only is product availability tight, but the barge schedule is also tight as a result of good demand levels recently.
Buying interest at the port ticked down Thursday compared to Wednesday, sources said.
Elsewhere in the East Mediterranean, the Greek port of Piraeus is bracing itself for high winds over the weekend which could affect bunkering operations, a trader said Thursday.
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