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Following the record price levels seen last week, marine fuel prices softened for the third day in a row today in bunker ports across the world.

In Singapore, the world's leading bunker port by volume, 380-centistoke (cst) dropped $4 per tonne to $723 per tonne today according to Bunker Index price data. Meanwhile, 180-cst and marine gasoil (MGO) both fell by $6 per tonne to $742 and $1299 per tonne respectively. As an accumulative total, 380-cst has now decreased by $23 per tonne this week, whilst 180-cst prices are $28 per tonne lower than on Friday and MGO is now $58 per tonne less expensive.

In Rotterdam, Europe's number one bunker port, 380-cst prices have dipped by $33 per tonne since reaching record highs of $705-707 per tonne on Friday. 180-cst levels are now $36 lower at $715 per tonne, whilst marine diesel oil (MDO) and marine gasoil (MGO) prices have tumbled by $61 and $59 per tonne respectively to $1144 and $1240 per tonne.

Distillate prices in Gibraltar have decreased quite considerably over the last three days. MDO levels are now $76 per tonne lower at $1264 per tonne, whilst MGO prices have fallen by $72 per tonne since Friday's record highs of $366-370 per tonne.

Despite the decline in bunker prices, market sources have reported slow demand in a number of key bunker ports. In Busan, a market which is said to supply 8 million tonnes of marine fuel per year, market sources said interest from buyers has been very low over the last few days. 380-cst prices are now at $785 per tonne in Busan, $63 per tonne lower than on Friday. 180-cst levels are $58 lower at $830 per tonne.

Tokyo and Singapore are other key Asian markets where bunker suppliers and traders have noted low buyer demand.

The decrease in bunker prices this week is in line with recent trends in the crude and gasoil markets, which has seen WTI crude prices for August delivery on the New York Mercantile Exchange (NYMEX) nosedive from $145.28 per barrel on 3rd July to $136.04 at the close of trading yesterday.

Today, WTI crude rose to an intra-day high of 138.28 before dropping to 136.05 at 19:55 GMT.