US bunkers reach 5 1/2-year lows at many ports on weakening Brent, poor demand
High and low sulfur bunker fuel at nearly every US and Canadian port assessed by Platts dropped to more than five-year lows Monday amid declining Brent prices and weak buying interest, traders said.
In New York, IFO 380 CST 3.5%S dropped $5.50 to $345.50/mt ex-wharf, its lowest level since July 14, 2009, when the product fell to $340/mt ex-wharf, Platts data shows. From November 17, high sulfur bunker fuel in New York has averaged $395.69/mt, a $206.81 drop from the year-ago span.
It was much the same at other East Coast ports. High sulfur bunkers on the Eastern Seaboard averaged $374.23/mt ex-wharf, a $7.64 drop from Friday’s average, according to Platts data.
High sulfur bunker fuel in Norfolk, Virginia, weakened $22 to $360/mt ex-wharf, the product’s shallowest point since May 28, 2009, when it hit $353.50/mt ex-wharf. A deal was heard done below $354/mt ex-wharf for 240 mt for December 17 delivery. The trade was not confirmed.
Weak demand pushed high sulfur down in the Pacific Northwest. IFO 380 CST Seattle dropped $5 to $345/mt ex-wharf based on delivered deals reported by Tesoro at $355/mt delivered.
In other West Coast ports except Southern California, high sulfur bunker fuel dropped $5-$7/mt based on indications from market sources.
In Los Angeles, IFO 380 CST rose $4.50 to $294/mt ex-wharf based on trades completed during the Platts Market on Close assessment process. The assessment marked the product’s second-lowest level since April 2009.
At the port of Houston, high sulfur bunker fuel prices were assessed at $314/ex-wharf, a fall of $8. The assessment was the lowest since May 5, 2009, when it was at $309.50/mt ex-wharf, according to Platts data.
At 3:15 pm EST (1915 GMT), Platts assessed the January ICE Brent crude futures contract at $60.61/b, a $1.17 drop from Friday, equivalent to a $7.43/mt decrease and the product’s lowest level since it was assessed at $60.40/b on July 10, 2009, according to Platts data.
Source: Platts
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