Bunker fuel values at Malta reached their highest level in over two years Friday, at the end of a strong week for the market.
S&P Global Platts assessed 380 CST fuel oil at Malta at $329/mt delivered Friday, its highest price since July 3, 2015.
The assessment's premium over the CIF Med cargo regional benchmark reached $19.50/mt, its highest point since $21.50/mt August 1, 2017. High sulfur fuel oil availability was long in the Mediterranean Friday, HSFO cargo sources said.
Availability and barge access at Malta were satisfactory with demand average amid a national holiday, a supplier said.
The price of bunker fuel at the island rose through the week, with good demand earlier on in the week.
Rival port Gibraltar saw some congestion Friday -- this often increases demand at Malta, sources said.
"There is congestion at Gibraltar, that's due to barges rather than weather," a trader said Friday, warning that the season for weather-related delays was approaching.
Nine bunker supply operations were in progress at Gibraltar and three vessels were waiting to enter the port in order to bunker, a spokesman for the port authority said Friday afternoon.
