Global HSFO prices have plummeted to near two-year lows this month as the market begins to feel pressure from the upcoming IMO2020 rule.

The average IFO380 price across the four major global bunkering ports of Singapore, Fujairah, Rotterdam, and Houston has fallen 21% over the last two weeks, from $401.50/mt on August 2 to $314.50/mt on Friday.

Thursday’s price of $311.50/mt is the lowest the key benchmark has been since August 31, 2017.

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