World News
Crude Makes Gains After a Back and Forth Day
by Tim Bonett, 
Thursday January 5, 2017
Crude oil prices went back and forth today as the inventory report clashed with OPEC news.
In late morning hours the EIA report posted large builds for both distillate and gasoline stockpiles which were jarring enough to shrug off the steeper-than-expected crude inventory draw.
However, the bearish trend in prices reversed as it was confirmed that Saudi Arabia is holding up its end of the OPEC agreement by cutting oil production by almost 500,000 BPD for January.
WTI February $53.76/BBL UP $0.50/BBL
Brent March $56.89/BBL UP $0.43/BBL
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
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