Over the past week, Singapore’s B24-VLSFO UCOME price increased by $8/mt, driven by a $12/mt rise in VLSFO prices, while its B24-LSMGO UCOME price dropped by $19/mt. In Rotterdam, B30-VLSFO HBE prices remained steady, but B30-LSMGO HBE prices fell by $10/mt. Biofuel price premiums over conventional fuels in Rotterdam widened, with advanced biofuel rebates influencing the market. PRIMA Markets reported a decline in UCOME FOB China prices, reflecting broader trends in the biofuel sector, reports Engine.
Singapore
Singapore’s B24-VLSFO UCOME price has gained by $8/mt in the past week, while its B24-LSMGO UCOME price has come down by $19/mt. A $12/mt increase in VLSFO price has contributed to pushing Singapore’s B24-VLSFO UCOME price up.
The port’s B24-VLSFO UCOME premium over pure VLSFO has narrowed from $117/mt to $112/mt in the past week.
The PRIMA-assessed UCOME FOB China declined by $10/mt on the week, to $960/mt. Some offers were reported at $980/mt for UCOME FOB China in bulk last week, down from offer levels ranging between $990-1,000/mt in the week prior, PRIMA Markets said.
Spot bio-bunker demand remains low in Singapore. Lead times for bio-bunker grades vary between 10-14 days among suppliers.
Rotterdam
Rotterdam’s B30-VLSFO HBE price has held steady in the past week, while its B30-LSMGO HBE price has come down by $10/mt.
PRIMA assessed palm oil mill effluent methyl ester (POMEME) in the ARA at $1,332/mt on Friday, almost unchanged on the week. POMEME-based biofuels qualify for advanced biofuel rebates through the Dutch HBE system. As a result, Rotterdam’s B30-VLSFO HBE price is priced about $77/mt lower than Rotterdam’s B30-VLSFO UCOME price, which does not qualify for Dutch rebates.
The 2024 ticket price for advanced HBE has held steady at €8.35/GJ ($9.32/GJ) in the past week. This equates to a theoretical rebate of $83/mt for B30 HBE blends sold in the Netherlands.
Rotterdam’s biofuel price premiums over pure conventional fuels have widened by $12–17/mt in the past week, to $183/mt for B30-VLSFO HBE blends, and $147/mt for B30-LSMGO HBE blends.
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Source: Engine
