As the new week unfolds, bunker fuel prices have demonstrated an impressive resurgence. Monday saw a boost in prices across most ports, with the global average VLSFO prices indicative of a strong revival. The figures peak at the highest level in nearly a week, definitively validating the upward trend.
G20-VLSFO Index: A Mirror of Progress
Your guide to tracking price fluctuations is Ship & Bunker’s G20-VLSFO Index. This tool monitors prices across 20 esteemed bunkering ports. The index recorded an encouraging rise of $3/mt, settling at an impressive $657.50/mt on Monday. This is a landmark achievement, marking the highest level since August 15.
Detailed Analysis of Bunker Port Prices
Not just the G20-VLSFO Index, the G20-HSFO Index also saw positive progression, escalating by $5.50/mt to land at $588.50/mt. Meanwhile, the G20-MGO Index progressed by $5.50/mt, reaching a commendable $958.50/mt. However, ICE Brent crude futures saw a slight drop, with a decrease of $0.34/bl to $84.46/bl recorded on Monday.
High-performing Bunkering Ports
Port-specific performances have also contributed to the overall increase in bunker fuel prices. Four major ports exhibited a similar positive trend. In Singapore, prices swelled by $5.50/mt to hit $647/mt. Rotterdam experienced a gain of $4/mt, landing at $608.50/mt. At Fujairah, prices strengthened by $2/mt to reach $640/mt. Similarly, Houston saw prices leap by $6.50/mt to $634/mt.
Tuesday Morning: A Fresh Perspective
The trend continued its upward trajectory on Tuesday morning with Brent crude futures trading lower by $0.26/bl, settling at $84.20/bl at 9:42 AM London time. This drop in Brent futures could translate to a decline of $1.96/mt in bunker prices, but the overall trend retains its upward course.
Fueled by the steady surge across most ports, bunker fuel prices have begun the week on a high. This vigorous rebound is a testament to their strength and potential. As events continue to unfold, the energy industry will be monitoring the progress closely, ready for any changes that may come their way.
