Hamburg delivered high sulfur bunker fuel moved to discount of $2/mt to Antwerp, the lowest differential in six weeks, Platts data shows. The last time it was lower was on December 10, when Hamburg stood at a $4 discount to Antwerp, Platts data shows.
Hamburg`s high sulfur bunker fuel market normally trades at a premium over the neighboring bunker hubs of Rotterdam and Antwerp. On Monday it traded at a premium of $5/mt, Platts data shows.
The weakness in the Hamburg market was attributed to bearish supply/demand fundamentals, sources said. Demand for spot bunker fuel volumes was sluggish, seeing a dramatic decrease from the same period last year, sources in Hamburg said.
Meanwhile, the market came under pressure from an abundance of stocks in suppliers` tanks. Prompt delivered HSFO prices in Hamburg were capped by aggressive offers from sellers who need to empty their tanks by the end of the month for fresh February material, sources said.