Delivered bunker prices in Singapore have eased substantially in line with falling Brent crude prices, with shipowners holding off buying and suppliers not offering much as a result.
21 July 2022
Brent futures fell by $2.35/bl to $103.71/bl at 4.30pm Singapore time (08:30 GMT) on 21 July. But they kept falling further during the bunker trading session on news of Italian prime minister Mario Draghi resigning and Russia resuming some natural gas flows through the Nord Stream 1 pipeline.
Prices of very-low sulphur fuel oil (VLSFO) in Singapore assessed by Argus fell by $74.75/t from a day earlier to $912.25/t on 21 July.
Shipowners held off buying spot volumes, as they expect further price falls. “With crude down $4, it’s worth waiting if no restrictions and time on hand,” a broker said.
Sentiment is driven by counteracting expectations of an imminent global recession curbing demand and ever tightening supplies, which makes it hard to understand the direction of prices in the longer term.
“While everyone is kicking the can down the road, prompt prices remain high,” said a bunkers buyer.
Deal prices of VLSFO bunkers for delivery in late July to early August emerged between $910-914.50/t, while deliveries for late August and September were much lower around $895/t and $810/t respectively.
Prompt deliveries of VLSFO remain tight. The delivered premium, or the price of delivered bunkers over that of the cargo price, has averaged elevated levels of $103.86/t so far this month, according to Argus data, compared with more typical values of around $5-15/t.
Argus on 21 July reported a total of seven spot deals, down from 11 on 20 July.
By Sammy Six
Photo credit and source: Argus Media
Published: 22 July, 2022
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