Singapore bunker or ship fuel prices were steady on Thursday as traders said ship-owners stayed out of the market hoping that ample supplies would bring prices lower.
The market looked past support from higher benchmark crude and oil product cargo values and dealers pegged 380-centistoke (cst) bunker fuel oil flat from Wednesday at $177 a tonne. Prices for 180-cst were $5 above 380-cst prices.
"Supplies are still too heavy for the bunker market to take much support from the rise in crude and cargoes," one independent dealer said, adding that there were fewer than 8,000 tonnes of bunker sought, down about 2,000 from Wednesday's inquiries.
Singapore's weekly residual fuels stocks remained 31 percent above year-ago levels, easing only 99,000 barrels from a five year high hit last week to 13.396 million barrels in the week to Wednesday.
Brokers said since Singapore fuel oil stocks remained just below their highest in more than five years, ship owners feel they can wait in the expectation prices will fall.
Marine gas oil was also pegged steady from Wednesday at about $312 a tonne, brokers said.
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