Singapore bunker prices rose by $1 a tonne on Thursday but its differential to fuel oil values fell to $6-$7, as sellers cut offers to spur demand, traders said. Prices for 380-centistoke (cst) bunker fuel were pegged at $333-$335 a tonne, and its differential to fuel oil cargoes declined to $6.20 a tonne from $8.95 a day ago.
"Fuel oil fundamentals are still looking strong at the moment. Supplies here remain tight, creating a void in demand because of the higher prices," a bunker broker said. Ex-wharf bunkers were offered at $340-$343.
Reflecting the tight market, Singapore fuel oil inventories fell to 11.34 million barrels (1.74 million tonnes) over the week, down by 1.005 million barrels, official data showed.