Singapore ex-wharf 500 CST bunker fuel Nov discounts weaken to $8-9/mt

Singapore ex-wharf 500 CST bunker fuel term contracts for November have been concluded at discounts of around $8-9/mt to the Mean of Platts Singapore 380 CST high sulfur fuel oil assessments, market sources said Wednesday.

Discounts in October were around $5-9/mt, said market sources at the time, on very tight supplies.

While supply tightness has now eased, offers remain high in the current market, around minus $4-5/mt, they added.

Spot market levels have been around minus $5.50-7.50/mt.

Premiums or discounts for physical bunker fuel are the prices buyers are willing to pay over or under published benchmark values.

Supply in November heading into Singapore is expected to be around 3.8-4.2 million mt, with over a quarter of that to be of high density and high viscosity material, market sources said.

In comparison, October’s supply was almost half that of November’s.
Source: Platts