Bunker Market this morning Sept. 22
The crude oil Brent and WTI rallied both yesterday and closed converted into usd/mton for fuel oil 380 cst up about $9 and respectively $12.
This morning Brent and WTI are both down about 3 usd/mton and 4 usd/mton converted fuel oil 380cst, which means there is a left over from yesterday's rally, which has not been counted for, an upward increase of 6 usd/mton and 8 usd/mton converted fuel oil 380 cst.
Conclusion: Bunker prices ought to rise for fuel oil 380 cst between 6 - 8 usd/mton. - Will this happen??? Guess not.- When volatility occurs shortly after the market is in a mess. Suppliers, traders and brokers start guessing and the bunker market is right now losing money not understanding they are far below the real market, which is the Oil Futures market. The Guide and market we all should follow.
Expect bunker prices to edge upward.