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.
Latin America
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.
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.
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
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.
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.
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 liquidity was limited for the week ended March 19, with spot prices following the weaker US crude complex.
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.
On the US West Coast, spot bunkers followed along with weaker underlying Asian segments.
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.