Singapore bunker prices fell on Monday as its premium to fuel oil cargo values held stable on poor demand, traders said. Prices for 380-centistoke (cst) bunker fuel were pegged at $334-$336 a tonne, down $2 from Friday's Asian close, with the differential to fuel oil steady at a premium of $1.45, up a marginal 7 cents.
"Demand was thin as Asian buyers were waiting for firmer direction from the market before committing, while European and US buyers are on holiday," a Singapore-based bunker trader said.
"In any case, most feel that the market could go lower as they see today as the beginning of a downward swing. They are waiting to see where global crude prices will open tomorrow before making their move."
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