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February 18, 2018

Bunker Fuel

Markets

Americas Bunker Fuel Commentary

New York (Platts)--02Jan18/0745 pm EST/ 0045 GMT

US bunker prices were mostly down Tuesday following weakness in the overall oil complex. US Atlantic Coast high sulfur fuel oil, the primary indicator of the cost of IFO 380 CST, was assessed down $1.47/mt from Friday, when S&P Global Platts last assessed that product. USAC bunker prices were assessed down $1.50/mt, except for Savannah, which was assessed at $381.50/mt, up $6.50/mt from Friday. During the Platts Market on Close assessment process, Glencore offered at $385/mt ex-wharf for 250 mt of Savannah IFO 380 with a January 5-9 laycan. Glencore gradually lowered its offer to $382/mt, where it was left standing at the end of the MOC. Savannah MGO was up also on Tuesday. During the MOC, Glencore offered for 150 mt and the same laycan as the IFO position, at $655/mt. Glencore gradually lowered it to $652/mt but did not lower it further, and it was therefore left standing at the end of the MOC. Savannah MGO was assessed at $651.50/mt, up $16.50/mt. New York, Philadelphia, and Norfolk MGO were assessed down $5/mt following a $5.35/mt drop of the NYMEX ULSD front-month futures contract. On the West Coast of the US and Canada, IFO 380 prices were assessed down $2/mt, while MGO was assessed down $3/mt. Multiple sources said bunker demand in the USAC and USWC was light Tuesday. On the USGC, high sulfur fuel oil started the year lower, marking a 17-cent decline for the day at $55.98/b, amid active trade, with three 45,000-barrel deals concluded in the $55.95-$56.05/b range. Houston IFO 380 was offered at $360/mt ex-wharf, while buying interest was heard near the $350/mt mark. There were no bids, offers or trades during the MOC process. Houston IFO 380 was assessed at $357/mt, down $2/mt for the day. Houston MGO was heard offered at $613/mt ex-wharf and was assessed at $610/mt, down $4/mt for the day, as trading levels were heard near the $610 mark. In the competing port of New Orleans, IFO 380 was assessed at $390/mt ex-wharf, down $4/mt for the day, as offer levels were heard at $393/mt. New Orleans MGO prices were heard near parity with Houston's, with trading levels for the day heard above the $600/mt level, with offers heard as high as $615/mt. ULSD prompt-month pricing dipped 1.71 cents/gal for the day, and was assessed at $2.0584/gal ($644.07/mt).


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