The following bunker report has been provided by freight market information provider Baltic Exchange for post on Singapore bunkering publication Manifold Times:
Lunar new year celebrations are winding down, so next week will be the answer to whether increased travel in China post-lockdown is leading to a significant surge in Covid cases. As reported last week, numbers are higher, but more data will determine if that was a spike, or a trend. In the west, and specifically the US, distillate inventories are well below their 5-year average. However, heating degree days are down by nearly 10% vs last year, which means lower demand for heating oil, propane, and natural gas. Despite errant storms here and there, with the exception of the Christmas week mega-weather, it has been a very mild winter, especially in the distillate-driven northeast / New England / NY City metro area. Long-term weather forecasters say that this year, the “real” winter weather begins in February, but it remains to be seen if low heating oil supply is really a concern. This backs into US refined product imports, and of course the concern about Russian oil movements. Not to downplay the geopolitical angle, but for the moment it seems like a non-event, and if CPP Atlantic basin freight rates are any gauge, there is no spike in demand for oil products at the moment. Freight rates and bunker fuel demand are of course NOT at 1:1 correlation – case in point, despite freight rates being substantially lower than December, for bunker markets, week-on-week, we are seeing an increase in prices across all grades and locations that we cover.
All values are in US$/metric ton, all-in (invoice price), delivered on board
Delivery in 7-10 days
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
Island Oil Limited, Cockett Marine Oil Pte, Monjasa A/S, KPI OceanConnect, Transparensea Fuels
Photo credit and source: Baltic Exchange
Published: 27 January, 2023
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