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Global bunker markets catch up with reality of economic lockdowns in Q3 2020

07 Jul 2020

A depressed market for marine fuels is to be expected in Q3 2020 due to weak global demand and increasing supplies for bunker fuel across the globe, reports Reuters.

Consulting firms note as countries like China and Brazil continue to increase production, global supply is estimated to rise by 620,000 barrels per day (bpd), placing downward pressure on bunker fuel prices and creating a depressed market.

Inventories were allegedly at a record high in June at northwest Europe, United Arab Emirates and Singapore.

“Until recently, bunker fuel sales at key bunkering hubs were buoyed by opportunistic restocking, but sales volumes have since caught up with the reality of slowing global trade,” said consulting firm Energy Aspects, as quoted by Reuters.

“A meaningful rebound in bunkering demand is unlikely before the end of the summer.”


Photo credit:
Kyle Glenn on Unsplash
Published: 7 July, 2020

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