Singapore bunker prices eased on Thursday, despite stable fuel oil cargo values, as suppliers appear to be fleeing barrels while premiums are still high.
Prices for 380-centistoke (cst) bunker fuel were pegged at $320-$322 a tonne, down $2 from the previous day, with the bunker premium - the differential between bunker prices and fuel oil cargo values - down $2.25 but still at a strong $16.38.
"There is a sense of expectation in the market that the high premiums won't last for much longer and some suppliers are selling at below-market level prices while the going is still good," a Singapore-based trader said.
"The delivered market is talking at levels as low as $318 a tonne though most deals are still at around $320-$322 a tonne levels. Compared to the normal bunker premiums of around $4-$5, the current premiums are fantastic."