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Bunker price volatility was at its second-highest level since May 2012 during the month of November, according to Bunker Index price data.

In a comparison of low-to-high differentials for the daily Bunker Index (BIX) global average, November recorded a differential of $53.50 per tonne, down from $67.31 per tonne in October.

The lowest daily global bunker average last month was $619.07 per tonne, recorded on November 28, whilst the highest price was $672.57 per tonne on November 3.

It is only the second time in 19 months (since April 2013) that bunker price volatility has been above $24. Prior to October, volatility had remained below $20 for 12 consecutive months (between September 2013 and August 2014) for the first time since Bunker Index began publishing global bunker price volatility data in April 2009. Only the months of September 2014 and August 2013 recorded volatility levels above $20 during this 19-month period.

Please find below a table showing the intra-month price volatility of global bunker prices between April 2009 and November 2014.

All prices are in USD per metric tonne.

Month	Low-High Differential ($)	Low ($)	High ($)
Nov-14	53.50	619.07	672.57
Oct-14	67.31	674.79	742.10
Sep-14	23.37	743.66	767.03
Aug-14	13.34	764.24	777.58
Jul-14	18.55	778.02	796.57
Jun-14	13.19	786.93	800.12
May-14	8.27	784.14	792.41
Apr-14	8.91	785.71	794.62
Mar-14	12.44	789.12	801.56
Feb-14	14.81	785.49	800.30
Jan-14	11.58	783.85	795.43
Dec-13	8.45	789.78	798.23
Nov-13	15.08	775.38	790.46
Oct-13	9.51	785.64	795.15
Sep-13	14.96	793.20	808.16
Aug-13	23.09	785.94	809.03
Jul-13	14.21	782.20	796.41
Jun-13	18.16	778.58	796.74
May-13	12.86	780.06	792.92
Apr-13	42.34	774.36	816.70
Mar-13	15.79	809.89	825.68
Feb-13	25.25	828.23	853.48
Jan-13	25.00	809.78	834.78
Dec-12	14.55	798.03	812.58
Nov-12	12.00	804.14	816.14
Oct-12	22.74	821.23	843.97
Sep-12	28.02	839.28	867.30
Aug-12	51.96	800.77	852.73
Jul-12	44.77	761.50	806.27
Jun-12	50.40	753.89	804.29
May-12	76.59	813.74	890.33
Apr-12	17.47	882.87	900.34
Mar-12	14.36	893.30	907.66
Feb-12	43.57	850.51	894.08
Jan-12	32.87	825.20	858.07
Dec-11	26.07	804.06	830.13
Nov-11	30.28	819.92	850.20
Oct-11	42.17	790.04	832.21
Sep-11	32.43	801.43	833.86
Aug-11	42.42	806.42	848.84
Jul-11	34.77	812.66	847.43
Jun-11	44.72	798.53	843.25
May-11	56.39	803.55	859.94
Apr-11	44.61	814.95	859.56
Mar-11	37.1	771.53	808.63
Feb-11	77.51	695.08	772.59
Jan-11	40.05	648.23	688.28
Dec-10	32.11	617.5	649.61
Nov-10	30.47	599.97	630.44
Oct-10	15.38	590.42	605.80
Sep-10	18.18	563.2	581.38
Aug-10	37.4	560.59	597.99
Jul-10	22.55	556.51	579.06
Jun-10	23.46	563.73	587.19
May-10	67.83	558.16	625.99
Apr-10	33.33	574.65	607.98
Mar-10	14.79	557.88	572.67
Feb-10	33.25	530.62	563.87
Jan-10	41.68	545.45	587.13
Dec-09	31.84	534.52	566.36
Nov-09	9.54	547.65	567.95
Oct-09	48.22	501.05	552.51
Sep-09	32.15	493.40	525.55
Aug-09	24.11	509.70	533.81
Jul-09	45.03	460.73	505.76
Jun-09	43.44	457.87	501.31
May-09	66.56	383.18	449.74
Apr-09	19.81	370.12	389.93