Singapore bunker prices were lower on Thursday as bunker premiums rose against expectation due to a lack of buying pressure, traders said.
Prices for 380-centistoke (cst) bunker fuel were pegged at $315-$317 a tonne, down $1 from the previous day, with the bunker premium - the differential between bunker prices and fuel oil cargo values - rising by $1.50 to $9.38.
"The rising bunker premium certainly goes against market expectations that it is going to shrink. It's probably because there is a lack of buying pressure in the market and sellers are holding offers at higher levels," a Singapore-based trader said.