The dirty markets fared poorly during April, as the number of cargoes dropped dramatically. In the VLCC market, seasonal refinery maintenance in Asia caused cargo and ship demand to the region to slump, while simultaneously pushing ships on contracts to oil companies back into the already oversupplied market. The lower volumes going to Japan due to closures in the aftermath of the earthquake only exacerbated the situation. Middle Eastern producers had increased exports to make up for the shortfall in Libyan exports in March, but this was reversed in April. Bunker prices continued to rally as Brent crude peaked at over $127/bbl, with Fujairah bunkers rising to $685/t.
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