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Bunker price drops 30 per cent since November, low sulphur fuel in short supply
BOTH high and low sulphur fuel prices fell eight per cent last week as the market experienced a 30 per cent decline in since November and a 50 per cent drop since June, reports Newark's Journal of Commerce.
The average price for high sulphur bunker fuel in Rotterdam, an indicator of the global market, dropped 8.6 per cent for the week of December 19 to US$309 per tonne, according to BunkerVision.
The average price of low sulphur bunker fuel dropped 8.1 per cent during the week to $321 per tonne.
The price per tonne for both high and low sulphur bunker fuel has been dropping steadily since July. Since the week of July 7, both prices have nearly halved.
Since November high sulphur prices have dropped 30 per cent, from $444 per tonne on November 7. Low sulphur prices dropped 29.7 per cent in the same time period, down from $456 per tonne on November 7.
BunkerVision reported low sulphur prices didn抰 drop as much as expected because of short supply in Rotterdam.
Rotterdam suppliers were out of low sulphur fuel, Hellenic Shipping News reported, but the volumes of fuel are expected to be back to normal levels this week.
Antwerp also had supply problems, as the national strike in Belgium delayed bunker fuel supply deliveries on December 15.
A monthly Reuters survey of economists and analysts said crude oil prices are likely to bottom out in the first half of 2015. The drop in oil prices is in part due to ramped up production in the US, which will most likely slow in the second half of 2015, the survey said.
The average price for high sulphur bunker fuel in Rotterdam, an indicator of the global market, dropped 8.6 per cent for the week of December 19 to US$309 per tonne, according to BunkerVision.
The average price of low sulphur bunker fuel dropped 8.1 per cent during the week to $321 per tonne.
The price per tonne for both high and low sulphur bunker fuel has been dropping steadily since July. Since the week of July 7, both prices have nearly halved.
Since November high sulphur prices have dropped 30 per cent, from $444 per tonne on November 7. Low sulphur prices dropped 29.7 per cent in the same time period, down from $456 per tonne on November 7.
BunkerVision reported low sulphur prices didn抰 drop as much as expected because of short supply in Rotterdam.
Rotterdam suppliers were out of low sulphur fuel, Hellenic Shipping News reported, but the volumes of fuel are expected to be back to normal levels this week.
Antwerp also had supply problems, as the national strike in Belgium delayed bunker fuel supply deliveries on December 15.
A monthly Reuters survey of economists and analysts said crude oil prices are likely to bottom out in the first half of 2015. The drop in oil prices is in part due to ramped up production in the US, which will most likely slow in the second half of 2015, the survey said.
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