World News
Oil Bounces Back
by Tim Bonett, 
Wednesday November 5, 2014
Oil markets reversed the slide for at least one day as the build in U.S. inventories was much less than expected.
Analysts were anticipating a gain of more than 2 million barrels but bolstered refinery utilization rates capped the increase at under 500K.
Election Day has renewed energy in the Keystone pipeline debate as a swing in the Senate majority may favor a shift in energy policy.
Meanwhile, an attack on the western oil fields in Libya hampered the country's daily production for at least one day but is expected to be back on line tomorrow.
Bunker prices were firmer but expected to remain volatile in the interim.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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