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Los Angeles marine gasoil reaches 51-month high as supplies continue to be limited

Houston — Los Angeles marine gasoil bunker fuel pricing hit a 51-month high Thursday amid ongoing supply issues while a potential resupply date continued to be murky.

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Los Angeles MGO was assessed at $766/mt ex-wharf ($784.50/mt delivered), up $7 from Tuesday, following indications of $785-$800/mt delivered. The assessment allows for $18/mt delivery fee.

The ex-wharf assessment was the highest since December 5, 2014, when it was assessed at $774.50/mt ex-wharf, according to S&P Global Platts data. That day, crude was assessed at $68.81/b. Since then, the price of crude peaked October 3, 2018, at $86.28/b.

The steep rise in Los Angeles MGO stemmed from refinery issues in mid-March, which has limited the availability for MGO.

Phillips 66's 139,000 b/d refinery crude processing facility suffered from a fire March 15. Since then, MGO supplies in Los Angeles have been virtually nonexistent.

Sources said some small amounts of MGO were available this week, and there is potential for a larger resupply to occur next week. However, as one market source said, "it could be Monday, April 8 or Sunday, April 14."

--Margaret Rogers, margaret.rogers@spglobal.com

--Edited by Pankti Mehta, pankti.mehta1@spglobal.com