World News
Oil Benchmarks Falls Nearly 3%
by George Belekos, 
Wednesday January 18, 2017
Oil benchmarks retracted nearly 3% today despite bullish comments from OPEC.
Market sentiment is turning bearish as higher prices are expected to bolster production in US shale oil.
The EIA expects February production levels to snap a three-month decline as drilling activity continues to pick up.
OPEC forecasted a falling 2017 surplus of oil but the words are starting to ring hollow until hard numbers support them.
Bunker prices were softening in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 646.50 | 5.50 | 773.50 | 11.50 |
| Rotterdam | 604.00 | 5.00 | 756.00 | 5.00 |
| Houston | 630.50 | 1.00 | 798.50 | 4.00 |
| Fujairah | 650.50 | 3.00 | 897.00 | 13.50 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
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