Bunker fuel at Durban hit its lowest levels in seven months on Thursday, according to a report by S&P (Standard and Poor’s) Global Platts.
Platts spokesperson Thomas Washington noted that this was due to falling international prices as well as the improved availability of bunker fuel.
Bunker fuel at the port was assessed by the energy company at US$312 per metric tonne, sinking to the lowest level since December 1 2016 (at US$310/mt).
Washington observed that the increased availability of bunker fuel added to “bearish” sentiment – indicating the downward trend of market prices – and added that the start-up of South Africa’s largest refinery, Sapref, following a two-month stoppage, would add to this.