Singapore bunker prices eased on Wednesday, tracking lower fuel oil cargo values. Bunker fuel of 380-centistoke (cst) grade was pegged at $191-$193 a tonne, down $2 from the previous trading day with the premium to cargo levels fell $1.75 to $1.50 a tonne. "Most mid-tier independents are lowering prices to spur demand despite 380-cst cargo values holding firm. Demand was moderate today as shipowners are still playing wait-and-see," a Singapore-based trader said.

"These sellers can afford to sell at these prices because they have already locked in a committed volume for the month and prices are good so they want to sell while they can."

In the regional market, South Korean prices fell about $20 a tonne from week ago levels as the supply tightness, which had dogged the market for much of January, finally eased.

Copyright Reuters, 2005