Prices for 380-centistoke (cst) bunker fuel were pegged at $296-$298 a tonne, down $3 from the previous trading day, with the bunker premium - the differential between bunker prices and fuel oil cargo values - at $7.70, up $1.20 from a day ago.
"The market is running short of prompt cargoes for delivery within the next seven days. It has been surviving on limited stocks since the beginning of the month," a Singapore-based trader said.
"Demand has been slow as owners are still holding out for lower prices. I think the downside is limited. The strengthening premiums are a clear sign of that."