Singapore bunker prices rose on Monday, despite lower 380-cst fuel oil cargo values. Suppliers pegged 380-cst bunker fuel oil levels at $194-$196 a tonne, up $1 from Friday. Prices for the 180-cst grades were at $201-$203.
"Despite the fall in cargo values, bunker prices remained firm because of short-term supply tightness until November 15. While there are ample cargo avails in the market, they are not being blended on time due to a lack of blendstocks," a Singapore-based supplier said.
"Also, demand has picked up as shipowners are moving into the market. They finally believe that current prices are fair level and that they better buy before prices shoot up again."
The premium of bunker prices to cargo values strengthened to $4.63 a tonne, up $2.25 from Friday.