Singapore bunker or ship fuel prices eased on Wednesday under pressure from lower benchmark crude and cautious buying, traders said.
Independent traders pegged the market for 380-centistoke (cst) bunker fuel oil at $192 a tonne, down $1 from Tuesday.
"Only those ships here in the next day or two are buying and those who can wait will," said a trader in Asia's biggest refuelling port.
Many bunker dealers were reluctant to lower their offering prices further despite slack demand before they knew the outcome of key US fuels inventory data due out later on Wednesday.
"We're waiting to see if a US stocks rise pulls crude off further before we cut our prices," another trader said.
Demand was supported by what traders called "tight" available supply in Middle Eastern bunkering hub Fujairah.
US light crude futures for June delivery eased 31 cents to $40.23 a barrel, extending $1.01 of losses made on Tuesday when profit-taking in NYMEX ACCESS electronic dealing brought prices off 23-year highs.
Marine gas oil prices eased with crude and supply relief to a band of $325-$328 a tonne, down $2 from Tuesday.
Elsewhere in the region, bunker traders said prices had largely tracked crude higher over the last week.
But Tokyo bunker fuel oil prices rose further and faster than Singapore prices as crude spiked to record highs and traders said that demand had been scared off.
"Our refineries want to keep the spread to Singapore prices stable so that demand comes back," said a Japanese trader who pegged 380-cst at $215-$217 a tonne, up $9 on the week and a wide $23 premium to Singapore prices.
"The premium should be below $20 a tonne and the demand will return," he said.
Bunker traders in Seoul said major refiners quoted Ulsan bunker 380-cst at $207/$209 a tonne, up only $4 on the week.
They said that demand and supply was balanced in South Korea.