The premium of 380 CST fuel oil at Malta over the regional benchmark reached $19/mt Friday, its highest since January, as bad weather in the region disrupted bunkering operations and drove up prices.
A cargo that was due last week had to be delayed until the present week because of stormy seas, which tightened supply, sources said.
380 CST fuel oil in Malta was assessed at $254/mt delivered Friday. Prices had been following a downward trajectory since the end of October, in line with 3.5% FOB Med cargoes. But the tight availability in Malta slowed the decline of bunker prices at the port, while the benchmark continued its descent.
The weather was heard better Monday. "Operations are okay, the weather is fine for bunkering," a supplier said. Indications for 380 CST fuel oil were heard pegged at $243/mt delivered Monday.
