Spot rates for high and low sulfur bunker fuel experienced a second week of steep declines in the week of April 19, according to daily Bunkervision price data via international marine fuel oil broker LQM Petroleum Services, Inc. High sulfur bunker fuel fell by 4.8 percent or $29 over the past two weeks while low sulfur bunker fuel went down 5.8 percent or $36.
The average price for high sulfur bunker fuel was $579.10 per metric ton. One metric ton is equivalent to about 6.4 barrels or 300 gallons. This spot rate is 3 percent or $18 lower than the week before and approximately 16 percent lower than the same week in 2012. The price is now 2.8 percent or $16.65 lower than in January, the first time this year that a week dipped below the rate at the beginning of 2013.
Low sulfur spot rates in Rotterdam had an average of $587.70 per metric ton last week, the lowest rate in this grade of fuel since February 2011 and the first time a rate has dropped below the $600 mark since June 2012. This price saw a drop of 3.2 percent or $19.50 from the week before neand was also down 21.7 percent from the same week in 2012, when it averaged $750.40. This put the price down 5.4 percent or $33.68 from the first week of 2013.