Singapore bunker fuel oil prices rose on Thursday on support from higher benchmark crude and cargo values, but traders said thin trade and ample supplies capped gains.
Traders pegged 380-centistoke (cst) bunker fuel oil at $180 a tonne, up $2 from Wednesday, with lighter 180-cst pegged $6 a tonne higher than 380-cst prices.
"We closed shop for the day since demand was looking so poor after crude's rise scared ship owners out of the market," said a trader who added that fewer than 10,000 tonnes were sought.
NYMEX light crude for August delivery gained $1.40, or nearly four percent on Wednesday in New York and fell only 23 cents on Thursday to $36.82 a barrel by 1012 GMT.
Bunker fuel oil prices remained under pressure from ample supply, which remained 42 percent above year-ago levels after a mere 1.4 percent draw of 167,000 barrels in the week to Wednesday to 12.103 million barrels.
Marine gas oil was offered at $310 a tonne, up $5 from Wednesday on support from crude's rally, traders said.