New Orleans IFO 380 CST neared its 18-month high Friday amid limited availability and congested barge schedules, according to market participants. New Orleans IFO 380 CST was assessed at $324/mt ex-wharf, up $16/mt from Thursday. That is the highest level since July 2, 2015 when it was at $335.50/mt, S&P Global Platts data showed.
Prices were indicated $320-$328/mt ex-wharf; however, no done deals were reported. An IFO 380/MGO combo offer was reported at $328/mt for 1,700-2,00 mt IFO 380, and at $505/mt ex-wharf for 50-150 mt of MGO. The laycan for that offer was December 29.
Bunker traders said that the tightness had come from buyers closing deals before the holidays.
"Why not take advantage just before the year end," said a bunker trader who regularly trades in the New Orleans market. The trader also said that there was "zero" demand at the port today. One bunker supplier at the port said they were fine and had no issues with product or barge availability, while other bunker suppliers declined or could not be reached for comment.
