Spot prices for high and low sulfur bunker fuel rose further in the week ending June 21, according to daily BunkerVision price data via international marine fuel oil broker LQM Petroleum Services. However, prices dropped significantly on Friday due to declines in crude prices.
“Crude followed all commodities and equities in a big fall. The projected end of U.S. stimulus, negative sentiment and a sharp increase in Chinese loan interest rates all contributed,” said LQM in their most recent BunkerVision IQ Report.
The average price for high sulfur bunker fuel in Rotterdam, a global indicator of bunker prices, was $592.70 per metric ton last week, inching up 0.6 percent or $3.30 from the week before. One metric ton is equivalent to about 6.4 barrels or 300 gallons. This was the second straight week of increases. Rates from Monday through Thursday averaged $596 per metric ton, but this average was pulled down by Friday’s price of $580.5 per metric ton. The average spot price is now 5 percent higher than the same week in 2012, but 0.5 percent or $3.05 lower than it was at the beginning of 2013.
Low sulfur spot prices averaged $624.40 per metric ton last week, up 1.4 percent or $8.40. This is the fourth straight week of accelerating increases for this fuel type. Low sulfur fuel experienced a similar end of the week dip as high sulfur. Its average price during the first four days of last week was $627.40, while Friday’s rate fell to $612.50. The current price is up 4.3 percent from the same week in 2012, the first year-over-year increase since October 2012, and is also up 0.5 percent or $3 from the first week of 2013.