Baltic Exchange: Bunker Report (18 April 2024)

The following bunker report has been provided by freight market information provider Baltic Exchange for post on Singapore bunkering publication Manifold Times:

Commentary:

Yesterday we saw a large scale selloff of crude and products, with Brent and WTI falling over 3 percent respectively. The market cut its war risk premium yesterday but that wasn’t all: EIA’s US crude oil stockpiles rose (+2.7mbbls) last week, structural problems remain in China despite some positive signals, and strong non-OPEC supply all played an influence in the declines. Noteworthy, the IMF said yesterday, “The US and Chinese governments should take action to lower future borrowing, as a surge in debts threatens to have profound effects on the global economy”. It will be interesting to see how the central banks react.

Note:

All values are in US$/metric ton, all-in (invoice price), delivered on board
Delivery in 7-10 days
ISO 8217:2010
IFO 380 3.5% Sulphur
IFO 380 0.5% Sulphur
DMA 0.1% Sulphur

Rotterdam – Waalhaven – Maasvlakte range
Houston – Houston Harbor
Singapore – Anchorage, under SBA Scheme
Fujairah – Offshore Anchorage Area

Submitted weekly at Close of Business on Thursdays

Panellists:
Island Oil Limited, Cockett Marine Oil Pte, Monjasa A/S, KPI OceanConnect

Photo credit and source: Baltic Exchange
Published: 19 April, 2024