Subscriber note: Corrected USAC bunker commentary for October 3

Platts is correcting the US Atlantic Coast Bunker Commentary for Wednesday, October 3, 2012, to reflect the proper assessed prices. It should read as follows: US Atlantic Coast bunker values were assessed down $20/mt on Wednesday following a steep drop in the crude complex and the resupply market. The ICE Brent front-month futures 3:15 p.m. EDT assessment fell $3.69 to $107.82/b, and the New York 3%S cargo market went with it, dropping $3.55 to $94.875/b. Bunker spot demand was off in New York Harbor as a result, as buyers took to the sidelines to see if crude would continue to fall for another day, one regional bunker trader said. "There are no ships being shown in the spot market to offer on," another regional bunker trader added. Those sentiments were echoed by traders all the way down the Atlantic Coast and no deals were reported for the day. Only an overnight deal for New York 1%S IFO 380 was heard, done at $703/mt, which widened the premium for low sulfur from $50/mt to $60/mt in New York Harbor, still the lowest 1%S premium in the country. A pair of Philadelphia IFO 380 ex-pipe deals were reported late in the day at $640/mt ex-wharf, but with no information on the ex-wharf to ex-pipe premium, and with delivery dates outside of the USAC 3-7 day window, the deals were not used in the day's assessment. With no demand and low physical activity, New York IFO 380 was assessed at $623-625/mt and New York 1%S IFO 380 at $683-685/mt. Philadelphia IFO 380 was assessed at $625-627/mt, Norfolk IFO 380 at $638-640/mt and Savannah IFO 380 at $633-635/mt. Spot demand in general may be down throughout the Atlantic Coast due to an increased number of ships entering into term deals ahead of the August 1 implementation of the North American Emission Control Area, sources said. --Joshua Starnes, joshua_starnes@platts.com