Singapore bunker outright prices were higher on Monday but premiums weakened to below $7 a tonne on slower demand, traders said.
Prices for 380-centistoke (cst) bunker fuel were pegged at $287-$289 a tonne, up $4 from the previous trading day, with the bunker premium - the differential between bunker and fuel oil cargo prices - at $6.25, down $2.00 from the previous trading day.
"There's hardly any demand today and some mid-tier suppliers are offering down to spur demand. The shipowners probably bought enough over the past week and has exited the market at the right time, just when prices are starting to go up," a Singapore-based trader said.
"There was a wide range of offers today, from as low as $284 to as high as $295 a tonne, with deals being done all over the place."