Singapore bunker prices fell from record highs on Wednesday, while the differential to fuel oil cargoes remained at a discount. Prices for the 380-centistoke (cst) grade were pegged at $441-$443 a tonne, down $4 from the last session as crude oil prices eased slightly, while the differentials narrowed 45 cents to a discount of $3.55.
"There is still not much happening in the market at these prices, but on the positive side at least prices are easing," said a supplier. In the regional markets, prices and differentials rose across the board in tandem with soaring crude oil and paper prices.
In Japan, prices for the 380-cst grade were pegged at $445-$447 a tonne, up $9 from week-ago levels. "The high prices do not reflect the market as demand is poor and supply is good, but some suppliers are offering bunkers at below benchmark prices," said a Tokyo-based trader.
In Hong Kong, prices for the 380-cst grade were pegged at $465-$467 a tonne, up $48 from week-ago levels. "Demand is poor as buyers remain cautious, but they were holding out before the price surge so they do not have much more time to wait," said a Hong Kong-based trader.