Spot prices for low sulfur bunker fuel climbed late last week, pulling the weekly average price up $7.60 in the week ending Aug. 16, according to daily BunkerVision price data via international marine fuel oil broker LQM Petroleum Services. Low sulfur bunker fuel reached its highest price in eight weeks.
The average price for low sulfur bunker fuel in Rotterdam, a global indicator of bunker prices, was $617.70 per metric ton, up 1.2 percent from the week ending Aug. 9. One metric ton is equivalent to about 6.4 barrels or 300 gallons. The price of low sulfur fuel rose sharply on Aug. 15 and Aug. 16, with prices hitting $619.50 and $628.50, respectively. The daily BunkerVision IQ Report mentioned unrest in Egypt and the drop in U.S. unemployment as possible factors in crude price spikes. The average spot price for low sulfur fuel is down 12.8 percent year-over-year and remains 0.6 percent or $3.67 per metric ton below the price at the beginning of 2013.
High sulfur spot prices averaged $603.30 per metric ton in the week ending Aug. 16, slipping 0.2 percent or $1.30 per metric ton from the prior week. The current price is down 6.9 percent from the same week in 2012, but up 1.3 percent or $7.55 from the beginning of 2013.