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February 21, 2018

Bunker Fuel

Markets

Americas Bunker Fuel Commentary

New York (Platts)--07Dec17/0745 pm EST/ 0045 GMT

US bunker fuel prices were mixed Thursday as oil prices rebounded. On the Atlantic Coast, marine gasoil prices were all assessed higher as the price of front-month NYMEX ULSD rose $11.17/mt from Wednesday. During the Platts Market on Close assessment process, Glencore offered initially at $585/mt ex-wharf for 150 mt of New York MGO with a December 10-14 laycan. Glencore gradually lowered its position to $580/mt ex-wharf, where it found no buying interest and was subsequently left standing at the end of the MOC process. New York MGO was assessed at $579.50/mt ex-wharf, up $5. New York IFO 380 CST was assessed at $357.50/mt, down $4, despite a $3/mt rise in USAC high sulfur fuel oil, the primary component of IFO 380 CST. During the MOC process, Aegean offered initially at $374/mt ex-wharf for 250 mt of New York IFO 380 and a December 10-14 laycan. Aegean lowered its offer to $358/mt, where it was left standing at the end of the MOC process. Glencore also offered for the same quantity and laycan from $375/mt down to $365/mt. On the West Coast, IFO 380 CST availability remained tight. "California ports are a little tight," one source said. Los Angeles IFO 380 was indicated at $372-$375/mt ex-wharf, but no further details were provided. Los Angeles IFO 380 was assessed at $373/mt, up $3. The source said the same product in Seattle and Vancouver was more readily available. A Vancouver IFO 380/MGO combo inquiry was reported for 1,800 mt of IFO 380 and 100 mt of MGO, with a December 12-17 laycan. One offer was heard at $376/mt ex-wharf for the IFO 380 and $703-$705/mt for the MGO. A second offer was heard at $373/mt ex-wharf and $700/mt ex-wharf. It remained unclear if a deal was done and at what levels. Vancouver IFO 380 and MGO were assessed at $373/mt and $700/mt, up $4.50 and flat, respectively, from Wednesday. On the Gulf Coast, high sulfur fuel oil snapped a three-day decline streak, following the overall recovery in the energy complex to be assessed at $52.74/b, up 59 cents, following nine 45,000-barrel deals concluded at $52.70-$52.80/b. Houston IFO 380 was indicated in a wide range of $335-$350/mt ex-wharf. There was no activity during the Market on Close process. Houston IFO 380 was assessed at $334/mt, up $8.50. Houston MGO was heard offered at $568/mt ex-wharf and was assessed at $567/mt, up $8, as trading levels were heard in the high $560s/mt. In the competing port of New Orleans, IFO 380 was assessed at $353/mt ex-wharf, up $8, as trading levels were heard above the $350/mt mark and below the $15/mt premium over Houston. New Orleans MGO prices were heard at party with Houston, with trading levels heard in the high $560s ex-wharf. ULSD prompt-month pricing recovered 3.57 cents and was assessed at $1.897/gal ($593.57/mt).


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Los Angeles 180 CST FOB


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