Singapore bunker prices fell on Monday, despite marginally higher 380-cst fuel oil cargoes. Suppliers pegged 380-cst bunker fuel oil levels at $162-$164 a tonne, down $4 from Friday. Prices for the 180-cst grades were also lower at $172-$174. "Although cargo values were higher by 50 cents, suppliers are lowering offers to spur demand as most players were alarmed by the two very low deals in the cash market," a Singapore-based bunker supplier said.
"Deals at discounts of $9 a tonne is practically unheard off and when a major does something like that, alarm bells are sure to go off. So most sellers believe they better run some cargoes at least."
The premium of bunker prices to cargo values was $3.75 a tonne, down $4.50 from Friday.