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After a two day consecutive drop on signs of a still weak US demand along with the ongoing European debt crisis, oil prices started to recover during today’s mid-day trading with the support of the US central bank’s decision of maintaining low interest rates and an unexpected drop in gasoline inventories as per EIA’s last report.

In Singapore, market opened higher with 380cst traded with a 6-7$ increase compared to yesterday’s rates; barge avails are looking good for arrivals dated 5th onwards.

In Fujairah, MGO met a disproportionate increase due to higher cargo costs as per local update.

In Piraeus, demand continues to move below average, with local players keen to compete on combined requirements to attract buying interest.

In Kali Limenes, local sources presently report good barge and product avails.

In Panama, some players appeared able to accommodate even prompt dates, though generally barge avails are looking towards the 3rd May.

In Busan, earliest supply dates range from 3rd-5th of May, with some players reporting tight inventories at the moment.