Houston — Marine fuel 0.5%S in Balboa, Panama, tracked the sharp drops seen so far this week in the crude futures and wholesale markets, falling to the lowest value Tuesday since it was first assessed in July 2019.
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Cadastre-se agoraThe IMO-compliant fuel ended the day at $215/mt, down $40/mt day on day, and at the lowest since it was first assessed by S&P Global Platts on July 1, 2019, at $478/mt. Tuesday's fall added to a $10/mt drop on Monday.
Among key ports in Latin America, Balboa is traditionally the first to react to price swings in the global markets, especially mirroring the US, as its bunker supplies come mainly from the Gulf Coast.
"Balboa's market is more liquid, with more players and with a more dynamic supply generally answering to the US Gulf Coast," a market source said.
Other Latin American markets adjust their prices at a slower pace. "Their avails mostly depend on one refinery in each port," the source noted.
Balboa is the only port in Latin America where bunker fuels are assessed by Platts on an ex-wharf basis, reflecting the way they are traded in this area.
Marine gasoil in Balboa also declined heavily on Tuesday, by $70/mt on the day to $240/mt. It was the lowest price for this fuel in almost 20 years since September 10, 2002, when it was valued at $238.50/mt.
Late Tuesday afternoon, indications were heard at an even lower level for MGO in Balboa, with a fixed 100-200 mt transfer of that fuel heard priced at $225/mt.
Sales of marine fuel 0.5%S at the Panama Canal totaled 340,338 mt in February, down 12.35% from January, according to the Panama Canal Authority. No data is yet available for March.
Sales of marine gasoil amounted to 54,639 mt in February, down 19.18% from January, the data showed.