30 Nov

Where Bunker Fuel Prices Were Headed in Week 47

WRITTEN BY Sue Goodridge

Crude oil prices

In Week 47, crude oil prices reversed most of their losses from the previous week. According to the EIA (U.S. Energy Information Administration), US crude oil inventories fell 1.9 mmb (million barrels) for the week ended November 17, 2017. The expectation of another production cut during the upcoming November 30 meeting also provided support to crude oil prices. Brent crude oil prices rose from $61.36 per barrel on November 17, 2017, to $63.55 per barrel on November 24, 2017.

Where Bunker Fuel Prices Were Headed in Week 47

Bunker fuel prices

On November 23, 2017, the average bunker fuel price was $413 per ton, compared to $407 per ton on November 16, 2017. According to the Gibson report for Week 47, bunker fuel prices at Rotterdam were $353 per ton on November 23, 2017, compared to $351 per ton the previous week. Bunker fuel prices at the Port of Fujairah rose to $373 per ton on November 23, 2017, compared to $368 per ton on November 16, 2017, according to the same report.

Importance

Industries that transport commodities on ships incur bunker fuel costs. Examples of such industries are LNG (liquefied natural gas) carriers, product tankers, dry bulk carriers, and crude oil tankers. Bunker fuel prices are closely related to oil prices. A rise or fall in oil prices translates to a rise or fall in bunker fuel prices.

Among the major crude oil tanker companies are Teekay Tankers (TNK), DHT Holdings (DHT), Tsakos Energy Navigation (TNP), and Euronav (EURN). GasLog Partners and Hoegh LNG Partners (HMLP) are LNG carrier companies. Navios Maritime Partners (NMM) is a major dry bulk shipper.

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