31-08-2017

Istanbul bunker fuel prices sink to one month low against benchmark

bunker

Bunker fuel prices at Istanbul fell to a four week low against the high sulfur regional benchmark Tuesday on steady bunker fundamentals and stronger HSFO cargoes.

S&P Global Platts assessed 380 CST fuel oil at Istanbul at $317/mt delivered Tuesday, $1/mt lower from Friday. HSFO MED cargoes were assessed at $296.75/mt CIF Tuesday, $3/mt up from Friday.

The difference between the two was $20.25/mt. The last time it was at this level was July 28.

The Istanbul market is in a holiday period at present, which has caused some variations in demand but has not yet caused problems with availability, sources said.

While the barge schedule has been tight, access to vessels has nonetheless been sufficient, suppliers said.

HSFO cargoes were supported by an increased number of fixtures, which raised cross Med freight rates and thus boosted delivery costs of HSFO.

The difference between Istanbul and rival port Piraeus, Greece, was at its lowest in four weeks, as a tight barge schedule supported values at the Greek port.

The difference between values of 380 CST fuel oil at the ports declined to $3/mt Tuesday, its lowest point since $1/mt on August 1.

Source: Platts 

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