Wed 6 Aug 2008, 15:10 GMT

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.


Repsol industrial complex in Puertollano. Repsol starts large-scale renewable fuel production at second Iberian plant  

Spanish energy company's Puertollano facility adds 200,000 tonnes per year of renewable diesel capacity.

SD Aisemaht vessel. World's first dual-fuel methanol escort tug receives full class certification  

ABS grants certification to SD Aisemaht, built by Sanmar Shipyards for Canada's Trans Mountain Expansion Project.

CMB.Tech and TFG Marine signing. CMB.Tech raises TFG Marine stake to 15% and consolidates bunker procurement through joint venture  

CMB.Tech increases its equity stake in TFG Marine and commits its entire fleet’s bunker requirements to the joint venture.

XFuel demo plant in Mallorca, Spain. XFuel secures EUR 4.1m Catalonia grant for waste-derived marine fuel plant  

Spanish start-up wins funding to build a modular facility converting waste oils into low-carbon marine gas oil.

Liquefied biogas facility at Port of Gothenburg render. Construction begins on liquefied biogas facility at Port of Gothenburg  

Nordion Energi's new plant aims to open up Swedish biogas supply to shipping and other sectors beyond the gas grid.

Sun Princess ship-to-ship (STS) LNG bunkering operation. Axpo completes first LNG bunkering of cruise ship at port of Naples  

Sun Princess bunkered at Naples, marking the first LNG operation on a cruise vessel at the Italian port.

Ship-to-ship (STS) HVO supply at Keihin Port. Kamei Corporation begins Japan’s first ship-to-ship HVO supply at Keihin Port  

Japanese energy company launches HVO bunkering operation using drop-in biodiesel fuel brand Susteo.

Uni-Fuels Logo. Uni-Fuels posts $376k net loss in Q1 2026 despite 64% revenue jump  

Singapore-based bunker firm attributes loss to communication expenses incurred during the period.

Participants of SSA training course. SSA launches green fuels training course ahead of low-carbon transition  

The Singapore Shipping Association has introduced a course covering alternative marine fuels and emissions frameworks.

The Nautical Institute (NI) logo. The Nautical Institute launches bunkering and engineering assessors course  

New programme targets behavioural competency and human factors in high-risk shipboard operations.