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Wed 25 Nov 2009, 18:22 GMT

European indices plummet over $13/mt


Average price levels in North West Europe and the Mediterranean fall by 14.41 and 13.49/mt respectively.

Bunker Index averages for both North West Europe and the Mediterranean plummeted over $13 per metric tonne today as a result of yesterday's $1.54 per barrel drop in the price of WTI crude, with levels remaining within the $76-77 per barrel range during European business hours.

The Bunker Index Med (BIX MED) - Bunker Index's average bunker price for ports in the Mediterranean - fell $13.49 per tonne to $547.91 per tonne as both IFO 380 and IFO 380 levels dropped by over $15 per tonne in the ports of Algeciras, Fos, Genoa, Istanbul and Piraeus.

Meanwhile, marine gasoil (MGO) prices plunged by over $17 per tonne in Fos, Genoa, Limassol, Novorossiysk, Off Malta and Piraeus.

As a result, the Bunker Index Med 380 CST (BIX Med 380 CST) - Bunker Index's average 380-cst price for ports in the Mediterranean - decreased $17.11 to $466.11 per tonne and the Bunker Index Med 180 CST (BIX MED 180 CST) nosedived $18.00 to $490.22 per tonne - the largest index price change of the day.

The Bunker Index Med MGO (BIX MED MGO) was $16.23 lower today at $652.77 from $669.00 the previous day.

In North West Europe, the Bunker Index NWE (BIX NWE) fell $14.41 to $517.93 as prices plunged across the region with price drops of $19 per tonne and over for high sulphur fuels (IFO 380 and IFO 180) recorded in Hamburg, Klaipeda, Riga, St Petersburg and Tallinn.

IFO 380 and IFO 180 prices also fell by at least $10 per tonne in Copenhagen, Great Belt and Gdansk.

In the distillates market, marine diesel oil (MDO) and MGO prices decreased by at least $15 per tonne in Bergen, Copenhagen, Gdansk, Great Belt, Helsinki and St Petersburg.

Today's BIX NWE 380 CST plunged $13.02 to $452.75 per tonne, whilst the BIX NWE 180 CST was $14.54 lower at $467.92 per tonne.

Mewanwhile, distillates indices in North West Europe decreased by $15.11 and $14.87 per tonne respectively for the BIX NWE MDO and BIX NWE MGO.

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