OIL PRODUCTS: Singapore Bunker Prices Hit Multi-Month Highs: Argus
Jan-14 12:00By: Lawrence Toye
Gasoil+ 5
Bunker fuel prices in Singapore have hit multi-month highs, driven by a rally in underlying crude futures, Argus said.
- Shipowners and bunker buyers were cautious, delaying purchases to monitor market developments.
- VLSFO prices rose by $16.7/t to $590.72/t Jan. 13, the highest since October 2024. Prices could exceed $600/t soon, Argus said as limited VLSFO supply may further support prices.
- HSFO prices jumped by $34.67/t to $507.67/t, the highest since July 2024.
- MGO prices reached a six-month high of $731/t, up by $30/t.
- Marine biodiesel prices, including B24, also increased, reflecting the crude futures trend.
- Traders expect B24 prices to follow VLSFO cargo prices, but spot liquidity may remain thin.
- Argus sources said that uncertainty remains in the market, with traders not ruling out further price rises.
