Singapore bunker prices were steady on Wednesday due to strong prompt demand and support from higher crude and oil product cargoes, which helped to counter downward pressure from rising supply.
Worldwide Shipping was heard enquiring for a 4,000-tonne parcel of 380-centistoke (cst) bunker fuel oil for loading this weekend, and an independent trader said his offer of $163.50 was not good enough to make the sale.
"It must have gone for a lower price," he said.
Majors quoted 380-cst higher, doing steady prompt business at $167 a tonne, said one trader, adding that 180-cst was pegged at $168/$171 a tonne.
Prices stayed under pressure by the expected arrival of up to five million tonnes in Singapore before the end of April, up from the normal monthly intake of 2.5 million tonnes.
Marine gas oil prices were steady from Tuesday at $288 a tonne, bolstered by stronger benchmark crude and gas oil cargoes, traders said.
Other Asian ports also felt downward price pressure with South Korea's 380-cst down $6 on the week to about $178 a tonne as supply outweighed demand, traders in Seoul said.
"Demand is there but stocks are high. We are hoping late-March refinery exports will help prices go up little by little," a Seoul-based trader with Korea Marine said.
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