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Argus Media: Singapore bunkers steady amid US election uncertainty

05 Nov 2020

Sammy Six of global energy and commodity price reporting agency Argus Media on Wednesday (4 November) published a summary of how some bunker traders and brokers are mitigating their trades in anticipation of the results of the US elections: 

Uncertainty over the US Presidential election results discouraged a few Asian bunker market participants from trading today, although most shipowners, traders and suppliers conducted business as usual. 

“Market players are anticipating that this will continue for days, perhaps even until after the weekend, and so business has to carry on”, according to a broker. 

Brent crude futures were relatively stable ahead of today’s trading session, despite some sharp swings earlier in the day after President Donald Trump claimed victory even as vote counting continued. This was contrary to what many had anticipated in a scenario in which the election yielded no clear winner.

“We are not really thinking of deferring trading, and we generally stay away from speculating on flat price”, one market participant said.

 “It seems like the market has priced in a Trump victory”, a supplier said.

“We will trade as usual today, as we have to move some volume”, said one trader. “The US elections are not impacting operations in the far east much, but if there are late-night enquiries perhaps the suppliers might quote with some more buffer.”

“Enquiries are coming in as usual in Singapore today, as well as in Fujairah, Gibraltar and the Philippines”, a broker said, a sentiment that was echoed by most market participants.

Some contacts said they would hold off on buying and selling today, but those were in a minority.

Argus assessed very low sulphur fuel oil (VLSFO) bunkers in Singapore at $326.36/t yesterday. Today’s indications for the fuel were heard at around $329/t.

Photo credit and source:
Argus Media
Published: 5 November

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