There is fierce competition for fuel oil in the world's largest bunkering port, Singapore. In the first week of June, physical fuel oil cargoes for a total USD 750 million were traded, a figure that corresponds to 60 percent of average monthly sales in Singapore, according to Reuters.
Trading data from the news agency show that global trading houses such as Swiss Glencore and Mercuria, PetroChina and BP are responsible for the significant increase in purchases and not least the fight to secure the oil. Sellers mainly include Russian Lukoil, Swiss-based traders such as Gunvor and Vitol, and France's Total, and the massive volumes are causing logistical challenges for the port.
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