01-07-2017

Stable Istanbul bunker fuel prices buck regional trend

bunker

Bunker fuel at Istanbul in Turkey remained level Thursday amid good supply, despite gains in the regional benchmark and at rival port Piraeus, Greece.

The price of 380 CST fuel oil at Istanbul was assessed at $299/mt delivered Thursday, stable day on day.

“They stored some cheap cargoes, bought before the market went up,” an east Mediterranean bunker trader said Thursday.

By contrast, the CIF Mediterranean high sulfur cargoes benchmark rose $4.50/mt on the day to $284/mt, tracking firmer crude oil.

Istanbul’s premium to the benchmark thus narrowed to $15, its weakest point since $14.75 on June 8.

At the rival port of Piraeus in Greece, 380 CST fuel oil rose $1/mt on the day to $297/mt.

Source: Platts 

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