Wed 6 Aug 2008 15:10

Singapore MGO drops to lowest price since April


Marine gas oil price has plummeted by 23 percent since hitting record last month.



The price of marine gas oil (MGO) at the port of Singapore reached its lowest level since April today following significant price drops over the last four days of trading.

MGO at the world's leading bunker port by volume fell to $1057 per tonne on Wednesday following successive decreases in price over the previous three days. The distillate grade has now fallen by $88 since Thursday July 31st, when suppliers were quoting $1145 per tonne according to Bunker Index price data.

The price of MGO is currently at its lowest level since April 17th when suppliers were quoting $1049 per tonne.

Record levels were reached on July 3rd, when MGO was being sold at up to $1370 per tonne. Singapore's best-selling distillate grade has now plummeted by 23 percent since hitting peak levels just over a month ago.

Meanwhile, the price of 380-centistoke (cst) - the port's largest-selling product - was pegged at $688 per tonne today according to Bunker Index price data, $10 lower than yesterday and $35 lower than on Monday when the product was being traded at $723 per tonne.

Interestingly, today's price is only $4 per tonne lower than on July 28th, whereas the price of WTI crude has dropped by over $5 per barrel during the same period.

Nine days ago, WTI crude oil on the New York Mercantile Exchange (NYMEX) was being traded at $124.73 per barrel. During trading today, WTI crude for September delivery was at $119.29 per barrel by 09:49 GMT.

Singapore's third best selling product, 180-cst, was priced today at $702 per tonne, $39 lower than at the end of business on Monday and $13 less than yesterday's price of $715 per tonne.

The price of this product has now tumbled by $78 since reaching a record daily average of $780 on July 15th. A trading range of between $778 and $795 per tonne on that day saw 180-cst prices almost breach the $800 barrier for the first time.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.

Sweden flag with water in background. Swedish government bans scrubber wastewater discharges  

Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025.

The ME-LGIA test engine at MAN's Research Centre Copenhagen. MAN Energy Solutions achieves 100% load milestone for ammonia engine  

Latest tests validate fuel injection system throughout the entire load curve.

Terminal Aquaviário de Rio Grande (TERIG), operated by Transpetro. Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande  

Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards.

Avenir LNG logo on sea background. Stolt-Nielsen to fully control Avenir LNG with acquisition  

Share purchase agreement to buy all shares from Golar LNG and Aequitas.

Seaspan Energy's 7,600 cbm LNG bunkering vessel, s1067, built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel  

Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed.


↑  Back to Top


 Related Links