Global bunker prices were down in June, but the average price drop of $40.00 across key indicator ports Singapore, Rotterdam, Fujairah, and Houston were less than half of the almost $90 per metric tonne (pmt) seen in June, Ship & Bunker reports.
Key grade IFO380's top price for the period was on the first of the month for all four ports, a telling sign of a continuing slide started in May.
Crude also continued to drop, with a WTI spot price high of $85.02 on the 6th to a low of $77.69 on the 28th, despite making gains on the three previous days.
Bunker prices recovered late in the month, finishing some $6 to $12 higher than their low point of the period, that happening at the end of the third full week of business for three of the four ports, Houston waiting until early in week four to reach bottom.
The bottom prices were $571.50, $543.00, $563.50, and $547.00 for Fujairah, Rotterdam, Singapore, and Houston respectively.
As bunker prices firmed in the last week of June, on the last market day on the month the WTI spot price jumped $7.27 (9.4%) to close at $84.96 per barrel, the highest price since June 6, 2012's $85.02, making it a gain of just over 7.5% for that week.
The gain for IFO380 in the four ports only averaged some 1.3% in that week, so perhaps little surprise then that prices have started the month of July with sharp rises.
As of the July 4, 2012, IFO380 in those ports have seen gains of $25.50 to $35.50 (4.4% to 6.4%).
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