Platts backfills EMEA Daily Bunker Commentary for February 24

Platts, part of S&P Global Energy, has backfilled the EMEA Daily Bunker Commentary for Feb. 24.

The backfilled commentary should read as follows:

ARA bunker market sees tepid demand

Tight European HSFO supply amid delayed replenishment cargoes

The ARA fuel oil market was described as being very slow Feb. 24, with participants reporting tepid demand across grades.

HSFO loading delays in Rotterdam of around 2.5-3 days were heard in the market, though these were largely seen as not materially affecting demand, given already subdued buying interest.

Prices moved sideways in the area.

Platts assessed high sulfur fuel oil in Rotterdam at $425/mt, down $2 day over day, while the very low sulfur fuel oil equivalent was assessed at $488/mt, up $3/mt, leaving the Hi-5 spread at $63/mt.

Platts assessed marine gasoil at $732/mt, up $10/mt.

Despite muted demand in Amsterdam-Rotterdam-Antwerp, HSFO availability was described as tight across Europe and the Mediterranean, with recent poor weather cited as hampering fuel replenishment and delaying restocking activity at multiple ports, a trader said.

Market participants also pointed to rising geopolitical tensions, including US-Iran dynamics, as supportive of higher HSFO premiums, as limited availability was increasingly being allocated at firmer differentials.

This commentary appears in Bunkerwire as well as fixed pages PGB(1898) and SHP(0294)