The traditional premium of 380 CST fuel oil at Malta over the high sulfur Med CIF cargo regional benchmark hit a six-week low Wednesday, as recent strong demand at the island slackened.
Malta bunker fuel was assessed at $292/mt delivered Wednesday, an increase of $2 on the day. HSFO CIF Med cargoes were assessed at $285/mt delivered, up $5.2 on the day, resulting in a premium for Malta bunker fuel of $7/mt.
The last time it was assessed that low was March 15.
The premium was much wider in previous days, averaging $16/mt April 20-25.
The Mediterranean bunkering hub of Gibraltar was closed due to bad weather, a spokesman for the port authority said April 20. It was re-opened by April 24 but the ensuing backlog stimulated demand at Malta, sources said, supporting prices there.
A spokesman for the Gibraltar port authority said late Wednesday the queues of vessels waiting to bunker at the port had cleared.
Source: Platts