Singapore bunker suppliers conclude Feb ex-wharf term premiums at $2-4/mt

Bunker fuel suppliers have concluded February term contracts for Singapore 380 CST bunker fuel on an ex-wharf basis at premiums ranging over $2-4/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, slightly higher than in January, trade sources said Tuesday.
January term contracts were concluded at premiums ranging between $1.50/mt and $2.50/mt to MOPS 380 CST HSFO assessments.
Premiums for physical bunker fuel are the prices buyers are willing to pay for oil over and above published benchmark values.
Demand remains weak for February, traders said, adding that being a a short month, buyers were not keen to commit to too much volume.
Supply for February is expected to be around 3.9 million-4 million mt, trade sources said. This probably explains the slight increase in premiums compared with January levels. Supply for March is also around similar levels, trade sources added.
Spot premiums for the ex-wharf 380 CST HSFO are hovering around $2-4/mt, reflecting the term market demand.
Source: Platts