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Evening Price Update

Cargo trading dipped lower today, notably fuel oil cargo went down marginally by USD1.00/MT while gasoil cargo fell weak by about USD1.30/BBL. FOB products were quoted cheaper again, despite marginal dip. Distillate ex-wharf loading was reported tight. Only a handful of terminals were able to draw out the cargo. Therefore, delivered price for MGO was making more expensive offers instead. Meantime, our bunker indications are revised upward for all grades, amid average demand.

Morning Commentary

Crude futures for January contracts made more dives last night, though with some resistance after Asian close. WTI Crude price dipped by USD0.40/BBL while ICE Brent slid down by USD0.38/BBL. Both values are showing more negative gains now. This has dragged down papers today. Both fuel oil and gasoil papers are pegged lower by USD4.50/MT and USD0.37/BBL respectively. Once again, cargo trading will be expected to be selling lower this afternoon. Meantime, our bunker indications are revised downward for all grades.