New York Harbor bunker fuel drops $20/mt on weaker crude futures

New York (Platts)--23 Sep 2011 600 am EDT/1000 GMT

New York Harbor spot bunker fuel was assessed $20 per metric ton ex-wharf lower Thursday as falling Crude prices pulled down the main resupply component of the fuel, market sources said.

New York Harbor 380 CST was assessed at $641/mtw, its lowest value since August 18, when it was assessed at $633/mtw.

US Atlantic Coast residual fuel oil, the main component for bunker fuel, was assessed at $95.156/b, $4.70/b lower from Wednesday and nearly in tandem with ICE Brent crude.

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The drop in residual fuel was driven by the drop in ICE Brent crude, market participants said. Front-month Brent was assessed at 3:15 p.m. EDT at $105.31/b, down $4.65/b.

"You have a crude drop like that and products always follow," said one bunker supplier.

Supplies across the the US said one bunker "buyers went into hiding with the [crude] market tanking."

--Tom Sosnowski,

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