Many ports saw marine fuel prices make further losses on Monday, with IFO380 in Singapore, Fujairah, and Houston falling below $600.00 per metric tonne (pmt) for the first time since mid-July, 2012, Ship & Bunker reports.
Singapore IFO380 fell below $600.00 pmt for the first time since July 13, 2012 falling $13.50 to $597.00 pmt, which also means the product has now lost $52.50 pmt in the last month. MGO was down $17.00 to $920.00 pmt.
Hong Kong IFO380 continued its downward trend falling for a thirteenth consecutive market day, today slipping $5.00 to $620.50 for a two week loss of $32.50. MGO dropped $6.00 to $950.50 pmt narrowing the gain over the last 3 months to $17.50.
Rotterdam IFO380 was down for a seventh consecutive market day losing $14.50 to bring the price to $578.50 pmt, low sulfur 380 cSt product (LS380) fell $14.00 to $609.00 pmt, and MGO dropped $20.00 to $913.50 pmt.
Fujairah 380 cSt product fell $13.50 to $597.50 pmt, the first time the price has gone below $600.00 pmt since July 12, 2012, and MGO moved down $3.00 to $1018.50 pmt.
Houston IFO380 was below $600.00 for the first time since July 17, 2012 dropping $7.50 to $595.00, LS380 fell $11.50 to $690.50 pmt, narrowing the premium for the ECA complaint fuel to $95.50. MGO was down $14.00 to $997.50 pmt narrowing the three month gain to $30.00.
LA / Long Beach IFO380 moved down $16.50 to $681.50 pmt, and LS380 dropped $25.50 to $751.50 making the premium for the low sulfur fuel $70.00 pmt. The drop also puts LS380 just $8.00 higher than the lowest price for the product at the port since the introduction of the North American Emissions Control Area of $743.50 on October 24, 2012.
The WTI spot price opened the week gaining $0.79 to close at $85.65 per barrel.
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