Bunker prices edged up in the Russian Baltic port of St Petersburg at the start of the week on the back of tightened availability for fuel oil.
Bunker fuel moved up on Monday with 380 CST fuel oil assessed at $167.50/mt by S&P Global Platts, an increase of $7 over Friday’s levels.
Sources said that domestic fuel oil production has been cut back in part due to an increased focus on supplying the bitumen market.
The situation is common for the time of year while fuel shortages have a habit of appearing at the start of a new month, one source said.
“It is usual [to see] a lack of product for the first week of the month,” the trader commented.
The outlook for low sulfur marine gasoil is complex with a wide range of price levels available. Indications for marine gasoil on Tuesday ranged from $375/mt to $420/mt. However, the majority of the supplies of the fuel grade are in the tanks of the major players with less available to the smaller participants, according to market sources.
Source: PlattsPrevious Next