High sulfur-delivered bunker prices slightly recovered to $562.50/mt levels Monday after reaching $560.50/mt Friday, Platts data showed. The last time the 380 CST HSFO delivered Rotterdam bunker market was lower was June 28, 2012 when it was $550.50/mt.
The slight upturn was mainly attributed to a firming Rotterdam 3.5% HSFO barge market supported by the movement of material from the North to the Mediterranean and arbitrage opportunities to Asia, fuel oil sources said Monday.
"Contango in the market is pulling up the price for less prompt deliveries," a bunker trader said.
Although fundamentals remained weak for the Rotterdam prompt bunker market due to sluggish demand and oversupplied stocks, demand is expected to rise for further forward dates, sources said Tuesday.