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New York LSFO-bunker fuel spread widest since March: data
The spread between low sulfur bunker fuel and low sulfur bulk fuel oil in New York was assessed at its widest margin in nine months Friday due to tight bunker fuel supplies, sources said.
Platts assessed New York 1%S IFO 380 CST at $647/mt ex-wharf and NYH 1%S bulk fuel oil was assessed at $94.07/b. As a result, the spread between New York IFO 380 CST and NYH 1%S bulk fuel oil was $7.82/b, with New York 1%S IFO 380 CST at a premium. The spread between both products is the widest since March 13, when the spread was assessed at $7.86/b, Platts data shows.
Despite the Bayway refinery in New Jersey coming back from a planned turnaround in November, it has not resulted in low sulfur fuel oil re-entering the market, sources have said.
The Bayway refinery supplies a large portion of the low sulfur bulk fuel oil on the Atlantic Coast, sources have said. Sources were not immediately clear as to the reasons for the tightness, even after the Bayway refinery come back from its turnaround.
"Supply is supertight here still for us," one Atlantic Coast supplier said. The supplier didn't have a specific timeline on when the situation would improve.
Other buyers and market sources on the Atlantic Coast agreed, with one buyer adding that only "a couple" of suppliers currently were able to provide 1%S IFO 380 CST for delivery next week.
Source: Platts
Platts assessed New York 1%S IFO 380 CST at $647/mt ex-wharf and NYH 1%S bulk fuel oil was assessed at $94.07/b. As a result, the spread between New York IFO 380 CST and NYH 1%S bulk fuel oil was $7.82/b, with New York 1%S IFO 380 CST at a premium. The spread between both products is the widest since March 13, when the spread was assessed at $7.86/b, Platts data shows.
Despite the Bayway refinery in New Jersey coming back from a planned turnaround in November, it has not resulted in low sulfur fuel oil re-entering the market, sources have said.
The Bayway refinery supplies a large portion of the low sulfur bulk fuel oil on the Atlantic Coast, sources have said. Sources were not immediately clear as to the reasons for the tightness, even after the Bayway refinery come back from its turnaround.
"Supply is supertight here still for us," one Atlantic Coast supplier said. The supplier didn't have a specific timeline on when the situation would improve.
Other buyers and market sources on the Atlantic Coast agreed, with one buyer adding that only "a couple" of suppliers currently were able to provide 1%S IFO 380 CST for delivery next week.
Source: Platts
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