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Evening Price Update

Cargoes assessment ended softer this afternoon. Fuel oil cargo fell weak by about USD6-7/MT while gasoil cargo dipped by about USD0.50/BBL. This was probably due to more weakness shown on the crude futures earlier and delivered prices were quoted much cheaper as well. Meantime, our bunker indication is revised downward once again, amid above average demand.

Morning Commentary

Crude futures for April contracts concluded bearish last night upon closing. Light Sweet Crude price shed lower by USD1.59/bbl while ICE Brent plunged lower by USD1.90/bbl.

This has dragged down the paper market in Singapore too this morning. Both fuel oil and gasoil papers were pegged softer by about USD5.00/MT and USD0.45/bbl respectively. Cargo offers are expected to sell cheaper if crude futures were to fall further. Meantime, our bunker indication is revised downward slightly for all grades.