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Wed 12 Jan 2011, 15:29 GMT

MGO prices skyrocket in Europe


Distillate prices rise significantly in both North West Europe and the Mediterranean.

Bunker Index averages for distillate products rose for the second consecutive day today in both North West Europe and the Mediterranean following a $25.50 jump in the price of ICE gasoil and a $3.08 increase in the price of WTI crude since the beginning of the week.

The Bunker Index Med MGO (BIX MED MGO) - Bunker Index's average marine gas oil (MGO) price for ports in the Mediterranean - rose by $15.70 to $834.30 per tonne, up from $818.60 per tonne. MGO prices were $14.00-$27.00 higher in Algeciras, Augusta, Fos, Genoa, Off Malta and Piraeus.

Today's increase means that the average MGO price in the region has now risen by $23.70, or 2.9 percent, since Monday.

In North West Europe, the Bunker Index NWE MGO (BIX NWE MGO) - Bunker Index's average MGO price for ports in North West Europe - jumped $17.13 from $812.00 per tonne to $829.13 per tonne today. The region's MGO average is now up $30.13, or 3.8 percent, since decreasing $7.57 to $799.00 per tonne on Friday.

MGO price rises of $19-$30 per tonne were today recorded in Antwerp, Bergen, Bremerhaven, Copenhagen, Falmouth, Gothenburg, Great Belt, Kaliningrad, Kiel, Klaipeda, Rotterdam and St. Petersburg.

For further information regarding regional and global indices published by Bunker Index, please click on the following link below.

http://www.bunkerindex.com/prices/indices.php

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