Slow VLSFO recovery amid COVID-19
VLSFO prices at major bunkering ports rising since May
Rising crude prices and easing lockdown measures are putting upward pressure on VLSFO prices, but mounting COVID-19 cases and ample supply could cap bunker recovery. Higher seasonal electricity consumption in the Middle East and compensation cuts are likely to support the oil market despite easing OPEC+ production curbs. Futures market points to a Rotterdam VLSFO proxy prices of USD319/mt in 2020. For more information, please refer to August issue of Monthly Bunker Outlook: Slow VLSFO recovery amid COVID-19.