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Bunker price volatility during the month of December was at its highest level since Bunker Index began publishing volatility data in April 2009.

In a comparison of low-to-high differentials for the daily Bunker Index (BIX) global average, December recorded a differential of $91.04 per tonne, up from $53.50 per tonne in November.

The lowest daily global bunker average last month was 525.09 per tonne, recorded on December 30, whilst the highest price was $616.13 per tonne on December 1.

It is only the third time in 20 months (since April 2013) that bunker price volatility has been above $24. Prior to October, volatility had remained below $20 for 12 consecutive months (between September 2013 and August 2014). Only the months of September 2014 and August 2013 recorded volatility levels above $20 during this 20-month period.

Please find below a table showing the intra-month price volatility of global bunker prices between April 2009 and December 2014.

All prices are in USD per metric tonne.

Month	Low-High Differential ($)	Low ($)	High ($)
Dec-14	91.04	525.09	616.13
Nov-14	53.50	619.07	672.57
Oct-14	67.31	674.79	742.10
Sep-14	23.37	743.66	767.03
Aug-14	13.34	764.24	777.58
Jul-14	18.55	778.02	796.57
Jun-14	13.19	786.93	800.12
May-14	8.27	784.14	792.41
Apr-14	8.91	785.71	794.62
Mar-14	12.44	789.12	801.56
Feb-14	14.81	785.49	800.30
Jan-14	11.58	783.85	795.43
Dec-13	8.45	789.78	798.23
Nov-13	15.08	775.38	790.46
Oct-13	9.51	785.64	795.15
Sep-13	14.96	793.20	808.16
Aug-13	23.09	785.94	809.03
Jul-13	14.21	782.20	796.41
Jun-13	18.16	778.58	796.74
May-13	12.86	780.06	792.92
Apr-13	42.34	774.36	816.70
Mar-13	15.79	809.89	825.68
Feb-13	25.25	828.23	853.48
Jan-13	25.00	809.78	834.78
Dec-12	14.55	798.03	812.58
Nov-12	12.00	804.14	816.14
Oct-12	22.74	821.23	843.97
Sep-12	28.02	839.28	867.30
Aug-12	51.96	800.77	852.73
Jul-12	44.77	761.50	806.27
Jun-12	50.40	753.89	804.29
May-12	76.59	813.74	890.33
Apr-12	17.47	882.87	900.34
Mar-12	14.36	893.30	907.66
Feb-12	43.57	850.51	894.08
Jan-12	32.87	825.20	858.07
Dec-11	26.07	804.06	830.13
Nov-11	30.28	819.92	850.20
Oct-11	42.17	790.04	832.21
Sep-11	32.43	801.43	833.86
Aug-11	42.42	806.42	848.84
Jul-11	34.77	812.66	847.43
Jun-11	44.72	798.53	843.25
May-11	56.39	803.55	859.94
Apr-11	44.61	814.95	859.56
Mar-11	37.1	771.53	808.63
Feb-11	77.51	695.08	772.59
Jan-11	40.05	648.23	688.28
Dec-10	32.11	617.5	649.61
Nov-10	30.47	599.97	630.44
Oct-10	15.38	590.42	605.80
Sep-10	18.18	563.2	581.38
Aug-10	37.4	560.59	597.99
Jul-10	22.55	556.51	579.06
Jun-10	23.46	563.73	587.19
May-10	67.83	558.16	625.99
Apr-10	33.33	574.65	607.98
Mar-10	14.79	557.88	572.67
Feb-10	33.25	530.62	563.87
Jan-10	41.68	545.45	587.13
Dec-09	31.84	534.52	566.36
Nov-09	9.54	547.65	567.95
Oct-09	48.22	501.05	552.51
Sep-09	32.15	493.40	525.55
Aug-09	24.11	509.70	533.81
Jul-09	45.03	460.73	505.76
Jun-09	43.44	457.87	501.31
May-09	66.56	383.18	449.74
Apr-09	19.81	370.12	389.93