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Tue 6 Apr 2010, 10:22 GMT

BIX set to break $580 barrier today


Average global bunker price set to rise above $580 per tonne for the first time since January later today.

The Bunker Index (BIX) - the daily average global bunker price quoted in US$ per metric tonne - is set to break through the $580 per tonne barrier later today for the first time since January this year.

The recent increase in the global bunker price average has followed the surge in the price of crude, which yesterday saw WTI crude settle at $86.62, up $6.62, or 8.3 percent, since Friday 26th March.

The BIX last reached $580.46 on January 6th. It went on to hit a peak of $587.13 on January 8th before falling below the $580 mark on January 14th.

Yesterday the BIX rose for the third consecutive day to $579.14 per tonne, up $3.74 from the previous day and $12.17, or 2.1 percent, higher than the $566.97 recorded on Friday 26th March.

The data shows that bunker prices have so far not risen at the same rate as crude since March 26th. However, with a number of countries reopening today after the Easter break, the average global bunker price is set to surge further as the market plays catch-up.

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