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Hamburg bunker fuel reaches two year high despite good supply

Hamburg bunker fuel reaches two year high despite good supply
Bunker fuel in Hamburg, Germany, hit its highest point in over two years Wednesday, despite supply and demand being unremarkable, boosted by a surging benchmark.

S&P Global Platts assessed 380 CST fuel oil at Hamburg at $330/mt delivered Wednesday, its highest since July 2, 2015.

But sources said supply of bunker fuel was good and buying interest was mixed.

“Demand is no problem,” a trader said. A supplier said buying appetite was a little quiet.
Support came from the FOB Rotterdam high sulfur fuel oil barges regional benchmark, bunker fuel sources said. The barge assessment has surged on keen buying interest and limited supply.

The benchmark was assessed at $310.25/mt Wednesday, the highest since July 2, 2015.

Strength in the barges assessment came from keen buying interest from Vitol in the Platts Market on Close window Wednesday afternoon.

The company has purchased 95% of the total 114,000 mt of all MOC barge volume traded in September thus far.

“Liquidity has picked up this month already, and buying from Vitol is strong,” a high sulfur fuel oil trader said.

Vitol could not immediately be reached for comment.

Curtailed supply also supported barges. BP’s Rotterdam refinery has entered into maintenance, with traders citing that as an additional factor.

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