Singapore bunker fuel prices up

Singapore bunker prices rose on Wednesday, tracking higher 380-cst fuel oil cargo values.
Suppliers pegged 380-cst bunker fuel oil levels at $207-$209 a tonne, up $2 from Tuesday. 180-cst prices were at $218-$220.
At these offer levels, the bunker market remains in discount of about $1.38 a tonne.
"Cargo prices have shot up again and demand has fled the market as expected. There aren't many deals and suppliers are just holding offers at $207-$208 a tonne to play safe," a Singapore-based supplier said.
"I won't be surprised if deal levels are below $207 even, later in the night. There are many desperate sellers out there who would rather cut losses than to continue holding their cargoes," he added.
Bunker prices in South Korea and Hong Kong stayed high for the third consecutive week, at premiums of more than $20 a tonne to Singapore cargo values.
A Hong Kong-based supplier said the market remained tight as there were not enough cargoes to feed demand.
"It is a very strange situation as most of the Hong Kong supplies come from Singapore and there is a glut there while there is a shortage here," the supplier said.