- West Coast ports track Asia lower
- Weaker US crude segments pressure Latin America
- Tight supply props up New Orleans premium over Houston
Spot retail bunkers pricing trended lower the week of March 15-19 throughout the Americas, tracking a sharp decline in US energy futures amid demand concerns tied to the ongoing global coronavirus pandemic, reports Platts.
Latin America
Panama
Latin American declines were led by Panama, which saw spot 0.5%S Marine Fuel bunkers pricing shed $35 (6.6%) from March 15-19 to close the period at $495/mt ex-wharf Balboa.
MGO spot pricing in Panama came off $27 (3.9%) over the same period to close the week at $585/mt ex-wharf Balboa.
The declines were somewhat mitigated by lingering supply tightness related to limited exports and operations out of Houston, a supplier source said.
Argentina
In Argentina, spot 0.5%S pricing fell $4 (0.8%) to $526/mt delivered Buenos Aires, while the MGO assessment fell $7 (1%) to $663/mt delivered.
Supplier indications were talked relatively rangebound throughout the week, but a local source said levels are open to adjustment in the wake of late-week declines in US crude segments.
Brazil
The Brazil market showed a decline of $46 (8.7%) to close the week at $482/mt delivered Santos, and MGO spot pricing rose $2 (0.3%) to end at $674/mt delivered.
Spot price movements tracked intraweek adjustments to offer and indication levels from the local refiner.
USGC
US Gulf Coast
Along the US Gulf Coast, spot bunkers assessments moved lower to track a weaker US energy industry, while activity was muted in the wake of declining crude values.
Houston
In Houston, spot 0.5%S pricing fell $31 (6.1%) from March 15-19 to close the period at $480/mt ex-wharf.
MGO spot pricing in Houston shed $21 (3.6%) to close the week at $565/mt ex-wharf.
New Orleans
The New Orleans market also moved lower, with lingering re-supply tightness and congestion working to mitigate declines and widen the premium over Houston on 0.5%S.
Retail 0.5%S pricing in New Orleans shed $21 (4%) during the week to close at $505/mt ex-wharf, while MGO pricing fell $31 (5.1%) to close the week at $575/mt ex-wharf.
East, West coasts
US Atlantic Coast
US Atlantic Coast liquidity was limited for the week ended March 19, with spot prices following the weaker US crude complex.
New York
Ex-wharf 0.5%S retail marine fuel prices in New York fell $20 over March 15-19, close the week at $497/mt.
New York ex-wharf MGO bunkers took a much steeper fall, ending the week down $36/mt.
US West Coast
On the US West Coast, spot bunkers followed along with weaker underlying Asian segments.
Los Angeles
In Los Angeles, ex-wharf 0.5%S dropped $31/mt over the week, while MGO pricing was down $19/mt over the same period.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Platts
