Singapore bunker prices rose on Monday, tracking higher fuel oil cargo values. Bunker fuel of 380-centistoke (cst) grade was pegged at $196-$198 a tonne, unchanged from the previous trading day, widening the premium to cargo levels by 25 cents to $3.13 a tonne. "Prices are through the roof and there is hardly any buying interest. Most suppliers are offering at around $197-$198 a tonne levels but hardly anyone is fixing anything," a Singapore-based trader said.

"Supply for the rest for February is also getting tight as many independents have sold off their term barrels in the first half of the month. Some of them have shorted the market and if prices don't come off in a big way, they are looking at a lot of red ink in their trading books."

Copyright Reuters, 2005