Maritime market update: LNG consumption as a marine fuel has almost doubled in 2020
Risavika LNG increased 1.7 % week on week and was at 35.80 EUR/MWh for July contracts. European gas prices remain bullish on tight supply. June is the maintenance period for many Norwegian supplies and French LNG terminals. Although there is no need for gas for heating, there is a demand for storage injections and power production, when the renewable production is low.
Oil prices and refineries’ utilization have been increasing during last week. Oil product prices were also in rise despite the inventory build. Fuel oil 3.5 (FO 3.5) gained 6.7 % week on week to 390.22 USD/t, low sulphur oil (MFO 0.5) increased by 5.3 % to 500.37 USD/t, and marine gasoil (MGO 0.1) gained 2.7 % to 573.60 USD/t.