Singapore bunker prices were higher on Friday, tracking rising fuel oil cargo values, as the bunker/cargo premium widened, dealers said. Prices for 380-centistoke (cst) bunker fuel were pegged at $251-$253 a tonne, up $6 a tonne from Thursday, with the bunker premium at around $6 a tonne, up $3 from the previous trading day.
"The sudden and rapid spike in prices have kept shipowners away from the market. They had been holding back over the past two-to-three days when prices were falling, anticipating further falls," a Singapore-based supplier said.
"They always return to the market when prices are starting to go back up. But in today's case, the rise was too fast and too large. They will probably hold out till Monday and then make a decision."
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