Singapore bunker or ship fuel prices were stable on Tuesday as a pick up in demand after recent price falls countered downward pressure from lower benchmark crude and ample supplies.
Traders said 380-centistoke (cst) bunker fuel oil was being offered at $181 a tonne, mostly flat from Monday.
Traders said they heard inquiries of at least 15,000 tonnes, up from the average of about 8,000 tonnes sought each day over the last week.
"Demand is not too bad today for the first time in a week," said a trader at an independent Singapore-based firm.
The rise in demand came despite the absence of shipowners from Hong Kong and Taiwan, many of whom were out of the market for public holidays, traders said.
The bunker/cargo price spread was pegged at about $2 a tonne in favour of bunkers, narrow when compared with the normal $4-$5 level, reflecting abundant supply, which remained near a five-year high above 13 million barrels.