World News
Crude Futures Up on Geopolitical Tensions
Tuesday November 24, 2015
Crude futures surged today on geopolitical tensions amassed in the Middle East after Turkish forces downed a Russian fighter jet in their airspace.
Further supporting prices is the Vienna summit next week which will dictate if Saudi Arabia is complacent with the current trend or whether they will work with other OPEC members to help alleviate the current supply glut.
Both ICE and NYMEX contracts witnessed there largest gains in over 3 weeks.
It is expected that U.S. inventories will face a 2 million barrel build which we believe will help alleviate some of the gains we witnessed today.
Bunkers were firm across the board today but luckily for bunker buyers prices are still favorable.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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