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Wed 6 Aug 2008, 15:10 GMT

Singapore MGO drops to lowest price since April


Marine gas oil price has plummeted by 23 percent since hitting record last month.

The price of marine gas oil (MGO) at the port of Singapore reached its lowest level since April today following significant price drops over the last four days of trading.

MGO at the world's leading bunker port by volume fell to $1057 per tonne on Wednesday following successive decreases in price over the previous three days. The distillate grade has now fallen by $88 since Thursday July 31st, when suppliers were quoting $1145 per tonne according to Bunker Index price data.

The price of MGO is currently at its lowest level since April 17th when suppliers were quoting $1049 per tonne.

Record levels were reached on July 3rd, when MGO was being sold at up to $1370 per tonne. Singapore's best-selling distillate grade has now plummeted by 23 percent since hitting peak levels just over a month ago.

Meanwhile, the price of 380-centistoke (cst) - the port's largest-selling product - was pegged at $688 per tonne today according to Bunker Index price data, $10 lower than yesterday and $35 lower than on Monday when the product was being traded at $723 per tonne.

Interestingly, today's price is only $4 per tonne lower than on July 28th, whereas the price of WTI crude has dropped by over $5 per barrel during the same period.

Nine days ago, WTI crude oil on the New York Mercantile Exchange (NYMEX) was being traded at $124.73 per barrel. During trading today, WTI crude for September delivery was at $119.29 per barrel by 09:49 GMT.

Singapore's third best selling product, 180-cst, was priced today at $702 per tonne, $39 lower than at the end of business on Monday and $13 less than yesterday's price of $715 per tonne.

The price of this product has now tumbled by $78 since reaching a record daily average of $780 on July 15th. A trading range of between $778 and $795 per tonne on that day saw 180-cst prices almost breach the $800 barrier for the first time.

MGO   Singapore  Singapore (SG) 
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