Singapore bunker prices were slightly higher on Monday, but the differential to fuel oil values fell to a discount of $1-$2, on thin demand, traders said. Prices for 380-centistoke (cst) bunker fuel were pegged at $345-$347 a tonne, up $1, but its differential to fuel oil fell to a discount of $1.60, from 10 cents a tonne premium on Friday's close.
"Bunker buyers are asking for low prices, but sellers are letting it pass and not selling with offers at $10 below our buying price. We are not biting," a Singapore-based bunker supplier said. Bunker traders are expecting slow demand this week, as some Asian countries are on holidays.
"Demand from China and Japan are on the sidelines this week due to the holidays, while demand from vessels heading to Europe are thin," another bunker trader said. Ex-wharf cargoes were offered at $354-$356 a tonne.
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