Spot prices for high sulfur bunker fuel extended their surge in the week ending July 12, nearly touching the $600 per metric ton line, according to daily BunkerVision price data via international marine fuel oil broker LQM Petroleum Services. The average price for high sulfur bunker fuel has risen $22.50 in the past two weeks to reach its highest point since the first week of April.
The average price for high sulfur bunker fuel in Rotterdam, a global indicator of bunker prices, was $599.90 per metric ton, up $15.15 from the week before. One metric ton is equivalent to about 6.4 barrels or 300 gallons. A jump to $610.50 on Thursday pulled the average up, though it retreated somewhat on Friday. The average spot price is now up 3.8 percent year-over-year, and 0.7 percent or $4.15 higher than it was at the beginning of 2013. Prices have increased year-over-year for the past six weeks.
Low sulfur spot prices averaged $611.10 per metric ton in the week ending July 12, inching up 0.8 percent or roughly $5 per metric ton from the prior week, following two straight weekly drops. The current price is down 2.5 percent from the same week in 2012 and down 1.7 percent or $10.28 from the first week of 2013.