Spot rates for low sulfur bunker fuel last week extended their decline, falling 12 percent or $86.70 over the past eight weeks, according to daily Bunkervision price data via international marine fuel oil broker LQM Petroleum Services, Inc. Despite two flat weeks, the past two months have shown a steep drop in prices from the rate of $694 in mid-February.
The average price for high sulfur bunker fuel during the week of April 12 was $597.30 per metric ton. One metric ton is equivalent to about 6.4 barrels or 300 gallons. This spot rate is 1.8 percent or $11 lower than the week before. Prior to the current week, there hadn’t been a drop of more than $10 since March 1. This price is also down 14.5 percent year-over-year. Despite these drops, the price is still 0.3 percent or $1.55 higher than it was at the beginning of 2013, although the current prices are the lowest since the first week of the year.
Low sulfur spot rates in Rotterdam had an average of $607.20 per metric ton last week, the lowest rate in this grade of fuel since June 2012. This price saw a drop of 2.7 percent or $16.70 from the week prior and was also down 20.9 percent from the same week in 2012, when it averaged $768.10. This put the price down 2.3 percent or $14.18 from the first week of 2013.