---

February contracts for Singapore ex-wharf 500 centistoke (cSt) bunker fuel were concluded at $5-7 per metric tonne below benchmark values, market sources told Platts today.

This represents an increase in the discount to Mean of Platts Singapore (MOPS) high-sulfur 380 cSt fuel oil assessments compared with discounts of $2-3 per tonne offered in recent weeks.

The discount may be due to cargo delays or issues with quality, which have affected spot market trading for the past week and a half.

Demand for fuel has been high in China, with an increase in imports thought to be prompted by the upcoming Lunar New Year. Total fuel volumes re-exported from Singapore to other markets including China are expected to reach 1.3 million metric tonnes in February, most of which is said to be high-viscosity fuel.

February supply for Singapore is anticipated to be in the region of 4 million metric tonnes, three quarters of which is ready-grade fuel for use in bunkering, while the rest is product of high viscosity and high density, Platts said.

Rise in spot bunker prices

Delivered bunker prices in Singapore continued to rise today with local suppliers quoting $338-342 per tonne for 380 cSt fuel, according to Bunker Index price data. Today's assessment price of $340 per tonne is $55.50, or 19.5 percent, higher than the $284.50 price published on Friday.

Today's 180 cSt assessment price of $354.50 per tonne is $48.50, or 15.8 percent, higher than Friday's price of $306 per tonne.

Marine gas oil (MGO) levels were up by $16 today to $540 per tonne, and have risen by $54.00, or 11.1 percent, over the last three days of trading.