Singapore bunker prices rose on Friday but their premium to fuel oil cargo values fell as suppliers cut prices to spur demand, traders said. Prices for 380-centistoke (cst) bunker fuel were pegged at $321-$323 a tonne, up $1 from Thursday's Asian close, with the differential to fuel oil at $2.15 a tonne, down from $3.85.
"I think today's premium is more reflective of the market than yesterday, which was too high because bunker prices managed to resist the massive fall in cargo values," a Singapore-based bunker trader said. "Today, the market has corrected itself. Demand is still lacklustre and sellers have to cut premiums to spur buying interest."