Spot rates for low sulfur bunker fuel jumped 4.4 percent in the week of May 10, according to daily Bunkervision price data via international marine fuel oil broker LQM Petroleum Services Inc. This jump was due in part to Brent prices increasing $100 to $105 per barrel last week, also a 5 percent climb, according to Mitchell Karp, vice president of LQM.
Low sulfur spot prices in Rotterdam were an average of $626.50 per metric ton last week, up $26.30 from the week before. One metric ton is equivalent to about 6.4 barrels or 300 gallons. This is the third straight week of price hikes for this fuel type, each week at an accelerated rate. Despite the recent increases, the current price is down 11.3 percent from the same week in 2012. However, it is up 0.8 percent or $5 from in the first week of 2013, the first time since the beginning of April that it is above this mark.
The average price for high sulfur bunker fuel was $597.50 per metric ton. This spot rate increased by a rate of 1.7 percent or $9.80 for a second week. It is currently 8.1 percent lower than the same week in 2012. In the past two weeks, high sulfur bunker fuel rates increased 3.4 percent or $20 total. The price is now 0.3 percent or $1.75 higher than it was at the beginning of 2013.