World News
Crude Futures Crash on OPEC Output Speculation
Wednesday June 3, 2015
Crude futures crashed this afternoon on speculation that Fridays OPEC meeting will result in no change to current production levels in the Middle East.
WTI front month contracts for July softened $1.62 settling in at $59.64 per barrel.
It should be noted that despite a weaker dollar and a nearly 2 million barrel draw in U.S inventories, crude levels fell over 2%.
Brent contracts for July softened by $1.69 settling at $63.80 per barrel.
We have seen an extremely volatile market the last 5 trading sessions and we expect the market to steady after Fridays meeting.
It was quite slow in the bunker market today but fuel oil was mostly steady in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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