Prices for 380-centistoke (cst) bunker fuel were pegged at $308-$310 a tonne, down $9 from the previous day, with the bunker premium - the differential between bunker prices and fuel oil cargo values - plummeting $7.75 to $8.50.
"The resellers are out in droves today, grabbing whatever deals they could find and driving the bunker premiums down. Some deals were heard to be as low as $305 a tonne," a Singapore-based trader said.
"But it's not as if that the fundamentals have changed. Supplies are still tight. But these are guys who have been hoarding their oil and expecting better premiums. Unfortunately, they seem to have missed the boat."