Port of Los Angeles MGO prices falls to an over one-month low
Marine gasoil pricing in the port of Los Angeles fell to over a one-month low amid talk of weaker price indications on a fallen energy complex, including weaker crude and good availability, sources said.
“I saw it come off quite a bit last week … [I] think there must be ample supply, plus market drops,” a trader source said. A supplier source said falling crude was the main driver of the sharp decrease.
MGO pricing was talked at $690/mt delivered basis for an estimated delivery date of June 8. Meanwhile, a supplier source said they were at $700/mt delivered basis for 100 mt.
S&P Global Platts assessed MGO in Los Angeles at $694.50/mt delivered basis, down $33 on the day.
The decrease marked a third consecutive decline with the marker shedding $73, or 9.51%, over three days.
The assessment was the lowest value since March 26, when it settled at $668.50/mt delivered basis.