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February 18, 2018

Bunker Fuel

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Latin American Bunkers Commentary

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

Marine fuel prices in Latin America were mostly lower at the start the year Tuesday following a decline in Brent crude and key feedstock components ULSD and US Gulf Coast fuel oil. In the Platts Market on Close assessment process, Glencore posted an initial offer at $379/mt ex-wharf Balboa, Panama, for 500 mt for January 5-12. Glencore gradually lowered its position to $368/mt and did not attract any buyers at that level. S&P Global Platts assessed the price at $368.50/mt ex-wharf, down $11.50. The drop tracked an 17-cent dip in US Gulf Coast HSFO to $55.98/b, equivalent to a $1.08/mt slip. Platts assessed ICE February Brent at $66.59/b, down 19 cents, at 2:30 pm EST (1930 GMT). Along the Pacific coast of South America, IFO 380 prices were overwhelming lower with assessments down $1-$8. The assessment in Callao, Peru, lost the $2 gained on Friday to $450/mt, and in the competing port of Guayaquil, Ecuador, the price were also $2 lower to $445/mt, maintaining the spread between the two ports below the typical $10. On the east coast of South America, the Buenos Aires IFO 380 assessment dropped $3 to $410/mt, while Montevideo, Uruguay, slipped $1 to $469/mt. The port was experiencing tightness in supply, a trader source said, citing upticks in the region and firm pricing from suppliers. Marine gasoil dropped $6 in Buenos Aires and Callao to be assessed at $700/mt and $780/mt, respectively. MGO was steady at $815/mt in Valparaiso, Chile, with firm offer levels heard at $817/mt. In Cartagena, Colombia, MGO rose $3 to$705/mt ex-wharf, despite NYMEX February ULSD, which went down 1.34 cent/gal ($5.35/mt) to $2.0584/gal. Offers were talked as spiking near the $720s/mt ex-wharf.


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