New Orleans marine gasoil hits all-time low as coronavirus hurts demand

Houston — Ex-wharf marine gasoil in New Orleans hit a record low Wednesday as bunker demand on the US Gulf Coast continues to be battered by the COVID-19 pandemic.

New Orleans marine gasoil dropped $30 to $230/mt ex-wharf, the lowest that product has been assessed by S&P Global Platts. Its second lowest assessed value came just weeks ago, at $240/mt ex-wharf on April 24.

Ex-wharf marine gasoil bunkers in Houston plunged $15 to $220/mt ex-wharf on source indications, the lowest since reaching $215/mt on May 4.

USGC ex-wharf 0.5%S marine fuel bunkers fared no better.

Houston VLSFO dropped $15 to $200/mt, while New Orleans plummeted $30/mt on the day to $200/mt, flat to Houston's outright value. Multiple sources reported indications below $200/mt for both Houston and New Orleans VLSFO.

IFO 380 bunkers in Houston gained $1 to $134/mt ex-wharf on stronger ICE Brent futures, with New Orleans IFO 380 bunkers also rising $1 on the day, to $169/mt ex-wharf.