Houston (Platts)--16Jun2014/524 pm EDT/2124 GMT

High sulfur bunker fuel in the port of Los Angeles hit a three-year low for the second straight day Monday amid slumping demand and stiffened competition.

Platts assessed IFO 380 CST Los Angeles at $504/mt ex-wharf, a $4.50 drop from Friday. The fall marks the lowest level for high sulfur bunkers in the southern California port since the product was assessed at $504/mt ex-wharf on November 30, 2010, Platts data showed. It is the latest multi-year low for an increasingly competitive market.

High sulfur bunker fuel in Los Angeles has hit new multi-year lows seven times this year. Monday's drop was supported by a trade during the Platts Market on Close assessment process, Platts data showed.

During the MOC process, Chemoil offered 1,000 mt of IFO 380 CST to be delivered June 19-20. Maersk accepted the offer at $504.50/mt ex-wharf.

Swings in the Los Angeles bunker market have been bolstered by increased competition in the port since Denmark-based supplier OW Bunker began operating in Los Angeles this spring, sources said.

--Josh Pherigo, joshua.pherigo@platts.com
--Edited by Annie Siebert, ann.siebert@platts.com

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