The price of crude has seen an uptick in the price of marine bunkers also, with both West Texas Intermediate and Brent Crude, the two main indicators of oil prices, showing modest gains over the last couple of days.
“There is strong correlation between oil and bunker markets. Bunker prices follow oil market but with 12-18 hours delay,” explained Marine Bunker Exchange director Sergey Ivanov.
He went on to say, “We have established a parallel bunker market, Digital Bunker Market – on our site which is based, 100% on the oil futures market just to show how the oil market influences bunker prices and to make bunker market more transparent.”
