By Srinivas Chowdary Sunkara // petrobazaar // 9th August, 2018.
Both the fuel oil prices soared by 1.31 pct or $6.5 in Singapore market yesterday. MGO prices gone up by $5. Peak seasonal demand along with the talk of tightness supported the fuel prices. Backwardated market structure is encouraging drawings from storage hubs. A fresh spot supply from the middle east eased the concern of tightness as per the reports. MGO sales were improved in Panama despite of tough market conditions. In Panama, Bunker sales rose 3.8% in H1 While fuel oil sales are down in June as per the latest report released by Panama Maritime Authority.
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