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Thu 24 Jul 2008 10:38

Singapore prices continue to fall


Bunker prices in Singapore tumble for the second day after $4 drop in crude.

Bunker prices continued to tumble in Singapore today following a fall in crude oil prices of approximately US$4 per barrel yesterday.

According to Bunker Index data, the price of 380-centistoke (cst) at the world's leading bunker port fell to $666 per tonne today, a drop of $21 compared to yesterday's indication price. It follows a particularly significant day's trading yesterday where the 380-cst price nosedived by $32 per tonne from $719 the previous day.

Meanwhile, 180-cst prices were also lower today at $691 per tonne, $20 down on yesterday's price of $711 per tonne. Bunker Index data published yesterday showed that the price of 180-cst had fallen by $32 from $743 per tonne on Tuesday.

Marine gasoil (MGO) prices tumbled for the third day in a row today to $1167 per tonne, down $30 on yesterday's price. Over the last three day's of trading, the price of MGO has now plummeted a total of $77. Yesterday's indication price was $30 lower than the previous day's price of $1227 per tonne, whilst on Tuesday the price of MGO also fell by $17.

Other ports also saw prices plunge yesterday. In Port Klang, the price of 380-cst fell by $20 to $705 per tonne, whilst 180-cst and MGO price levels also fell by $20 and $30 respectively to $730 per tonne and $1260 per tonne.

Rotterdam and Antwerp also recorded a drop of over $30 for almost all grades of high sulphur and low sulphur fuels yesterday. The high sulphur 380-cst price in Rotterdam slid by $37 to $640 per tonne, whilst in Antwerp the same grade of fuel tumbled by $30 to $645 per tonne.

In trading today, WTI crude for September delivery on the New York Mercantile Exchange (NYMEX) was pegged at $124.05 per barrel at 09:53 GMT, down $0.39 on yesterday's settlement price. London's Brent Crude was priced at $125.08 per barrel, $0.19 down on the price at the close of trading yesterday.

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