World News
Oil Down as Equity Markets Crash
by Marisa McGuire, 
Thursday July 31, 2014
"awefhaliuwehfiq3hwbf iushefuiqehfudqh" What was that? That was the sound of the equity markets crashing.
The talking heads have for weeks been saying that global assets are overbought and that a correction is due. We had that today.
WTI oil prices were down over $2 bbl and Brent off about $0.50 bbl.
One would have expected with the sell off in equities for crude prices to erode much more, however, as previously stated, oil prices are more likely to increase significantly than decrease.
Geopolitics are keeping prices artificially high for the near term.
Until there is a change in many of the global hot spots, one should not expect oil prices to move down much. Bunker prices were mostly stable worldwide.
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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