By Srinivas Chowdary Sunkara // petrobazaar // 10th July, 2018.
FUEL OIL PRICE UPDATE
In Asia, Fuel oil prices rose in line with crude oil prices across the market. Both the fuel oil 180 cSt and 380 cSt boosted around $2.5 where as MGO prices were increased by $10. Supply shortage and firm demand for the higher viscosity fuel supported weaker viscosity spread contributed by strong 380 cSt fuel oil prices.
Istanbul Bunker volumes jumped during the first four month of 2018 have seen 18% year on year to record highs as reported by Ship & Bunker. As per the Turkey's Energy market Regulatory authority, ongoing good service has helped to increase bunker volumes supplies in the first four months of 2018 to over 1 million tonnes for the first time in history. Istanbul is also well located on roads of important shipping traffic from the black sea to the whole world.
An IMO working group is meeting this week to develop guidelines to support the consistent implementation of the 0.5 percent cap on the sulphur content marine fuel from January 1, 2020.