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February 23, 2018

Bunker Fuel

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Americas Bunker Fuel Commentary

New York (Platts)--06Dec17/0745 pm EST/ 0045 GMT

US bunker prices dropped Wednesday as the price of feedstocks weakened while demand remained light. Multiple sources said bunker demand across the US was light despite the drop of the front-month ICE Brent futures contract, which fell $13/mt from Tuesday. "Maybe the crude drop today will bring in demand tomorrow or Friday," said one bunker supplier. A second bunker supplier said demand was "not crazy." "All status quo at the moment," said the supplier. On the US Atlantic Coast, high sulfur fuel oil, the primary indicator of the cost of IFO 380 CST excluding storage and transportation, fell $13.44/mt. USAC IFO 380 prices were all assessed down over $10/mt, except Charleston, which was assessed at $370.50/mt, down $4/mt. During the Platts Market on Close assessment process, Glencore offered initially at $375/mt ex-wharf for 250 mt of Charleston IFO 380, with a December 9-13 laycan. Glencore gradually lowered its position to $371/mt ex-wharf, where it found no buying interest and was subsequently left standing at the end of the MOC. US and Canadian West Coast IFO 380 prices all fell less than $10/mt from Tuesday, despite reportedly weak demand. Bunker suppliers in Vancouver said there were no inquiries at the port Wednesday. Vancouver IFO 380 was indicated between $363-$375/mt ex-wharf. Vancouver IFO 380 was assessed at $368.50/mt, down $7.50/mt. Vancouver IFO 380 fell the most of the West Coast ports assessed by S&P Global Platts. San Francisco IFO 380 fell $6/mt, to $380/mt, which was the least of the West Coast ports Platts assessed. Sources said IFO 380 availability has been tight at the port and could remain that way through the rest of December. On the USGC, high sulfur fuel oil marked a third consecutive decline, following the overall drop in the energy complex, to be assessed at $52.15/b, down $1.56 /b for the day, following seven 45,000-barrel deals concluded at $52.15-$52.20/b. Houston IFO 380 was indicated in the wide range of $330-$340/mt ex-wharf. Glencore offered 500 mt of IFO 380 during the MOC process, but it did not attract buyers at its lowest level of $332/mt ex-wharf. Houston IFO 380 was assessed at $331.5/mt, down $10.5/mt for the day. Houston MGO was heard offered at $57/mt ex-wharf and was assessed at $559/mt, down $10/mt for the day, as trading levels were heard in the high $550s-low $560s range. In the competing port of New Orleans, IFO 380 was assessed at $345/mt ex-wharf, down $12 for the day, as trading levels were heard in the $340-$350/mt range and below the $15/mt premium over Houston. New Orleans MGO prices were heard at party with Houston's, with offers up to the $570/mt ex-wharf level. No new trading levels were heard for the day. ULSD prompt-month pricing dropped 5.26 cents/gal for the day, and was assessed at $1.8613/gal (or $590.22/mt).


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