Bunker fuel prices at the Russian Black Sea port of Novorossiisk have weakened this week, amid falling demand and increasing competition among suppliers, market sources said on Wednesday.
S&P Global Platts assessed the key 380 CST bunker fuel grade at $170.50/mt Tuesday. Since the end of May, 380 CST prices have been fairly stable in the port, staying within $2-3 of $174.50/mt on most days.
However, market sources said fuel prices have now dropped below the $170/mt level as players compete for the available demand.
“The competition is crazy right now,” said one bunker trader active in the port.