Global bunker prices have moved in mixed directions across ports today, as Brent values have inched up by 1%.
Changes in the day to 08.00 GMT today:
- VLSFO prices down in Gibraltar ($6/mt), Houston ($3/mt), Rotterdam ($2/mt) and up Fujairah ($6/mt) and Singapore ($5/mt)
- LSMGO prices down in Gibraltar ($4/mt), Houston ($2/mt), Singapore ($1/mt) and up in Rotterdam ($13/mt) and Fujairah ($5/mt)
- HSFO380 prices down in Houston ($11/mt), Fujairah ($9/mt), Singapore ($3/mt), Rotterdam ($2/mt) and up in Gibraltar ($5/mt)
Singapore’s bunker market has tightened further this week after workers tested positive for Covid-19 at Universal Terminal and have delayed barge loading schedules. The terminal is currently short staffed, with the number of barges queued up increasing.
As a result, VLSFO supply has become more difficult for prompt dates as there is less available product in the market. Lead times have gone up to 10-11 days for the fuel grade.
HSFO380 is also tight in the bunkering hub with lead times stretching to 12 days ahead, while LSMGO is more readily available with 5-7 days ahead.
There is only one vessel waiting to receive bunkers in Gibraltar today, down from three yesterday. Fuel oil supply has recently tightened across Gibraltar Strait ports with lead times varying between suppliers. One bunker supplier has dried out of product in Gibraltar.
Strong winds and swells are expected in Malta for tomorrow, which could limit bunkering and disrupt operations in the region.
Brent
Front-month ICE Brent has added $0.74/bbl to 08.00 GMT on the day, to stand at $83.96/bbl.
Crude oil prices have inched up by just 1% on the day and have been mostly steady, as the market outlook remains positive.