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Singapore bunker fuel premiums surge on sharp recovery in crude

Bunker fuel premiums in Singapore surged at the close of Asian trade Tuesday following a sharp uptick in ICE Brent crude oil futures during the Platts Market on Close assessment process, with prompt supply still seen as marginally tight.

Singapore ex-wharf 380 CST bunker fuel premiums to the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments rose $3.53/mt day on day to $11.59/mt Tuesday, while Singapore delivered 380 CST bunker fuel premiums to MOPS 380 CST HSFO assessments rose $4.03/mt to $15.59/mt, S&P Global Platts data showed.
Flat price bunker fuel offers rose as front-month ICE November Brent crude futures climbed by more than $1/b between 4:30 pm Singapore time (0830 GMT) and 5:30 pm Tuesday, though buying interest was subdued, sources said.

“Offers are higher with the crude strength but buyers are quiet,” said a Singapore bunker fuel supplier.

ICE November Brent crude futures stood at $79.01/b at the 5:30 pm close of the MOC process for bunker fuel on Tuesday, up from $78.50/b at Monday’s close.

The front-month futures contract however, fell 73 cents/b day on day to $77.82/b at 4:30 pm Tuesday, the close of Asian trade for HSFO, and MOPS 380 CST HSFO was assessed lower by $3.78/mt day on day at $445.41/mt, Platts data showed.

Broader market fundamentals were little changed. Demand remained cautious following quality concerns since July, while supply was slightly tight for prompt loading and delivery dates in recent days, sources said.

Source: Platts

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